DTI, DILG align investment, incentives code

The Department of Trade and Industry (DTI) and Department of Interior and Local Government (DILG) issued a joint Memorandum Circular on the Formulation of Local Investment and Incentives Code (LIIC) to enhance competitiveness of local government units (LGUs) and attract more investors at the local level.
The memorandum circular was signed by DTI Secretary Gregory Domingo and DILG Secretary Jesse Robredo during the 20th anniversary of the Local Government Code at the PICC, Pasay City. The signing was witnessed by DILG officials, representatives of different leagues of LGUs, and other stakeholders present in the event.
According to the memorandum, the DTI, particularly the Board of Investments (BOI), being the lead agency in investments promotion and industry development, would assist the LGUs in the review and formulation of their own local investments code and investment priority areas, as well as to help them in their investment promotion activities such as investments conferences, business matching sessions, inbound and outbound investment missions, among others.
BOI will also make available to DILG and LGUs its expertise in the formulation of local investments code, project preparation, development and implementation of capacity building, training and technical assistance programs.
The DILG and the LGU leagues, on their part will advocate to the LGUs reforms in local investment climate through formulation or updating of their local investments and incentives code (LIIC) and implementation of investment promotion programs.
Also, the DILG will design and implement a monitoring tool to track the status of LIIC preparation and address the bottlenecks in the implementation of capacity building activities for LGUs related to investment promotion.
DILG, through its regional offices, will also provide support to BOI and its regional branches, the Local Government Academy (LGA) and other agencies in the conduct of local training and capacity development interventions for local governments.
The memorandum will make LGUs more competitive in terms of their investment policies and regulations and will be more conducive to businesses. [PNA]

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