The Board of Investments (BOI) said on Friday it is targeting to roll out the guidelines for a government-led initiative by the third quarter of this year to hasten the registration of projects which could provide jobs to the poor.
Trade Undersecretary and BOI Managing Head Adrian S. Cristobal Jr. said the government’s Inclusive Business (IB) model’s accreditation process is gaining headway.
The IB model is a BOI-led initiative aimed at encouraging enterprises in agribusiness, tourism and housing sectors to create projects that would create jobs in rural areas. The IB model is already included in the 2014 Investment Priorities Plan’s general policy framework.
Cristobal said the guidelines will spell out the parameters and accreditation process for firms in the three sectors, and will prioritize the job- creation aspect of the projects.
According to a policy paper made in consultation with the Department of Trade and Industry (DTI), preferential treatment will be given to firms that will qualify. Companies may be offered a package consisting of fiscal and non-fiscal incentives. The Asian Development Bank (ADB) has partnered with the DTI on the initiative, and has extended a loan of $250 million to support the program. Documents showed that the DTI was tasked to handle the amount.
The BOI said it has identified three agribusiness projects of Nestlé Philippines, Kennemer Foods Inc., and Rocky Mountain Arabica Coffee Co. (RMACC) as likely candidates for the program, citing the impact of their operations on job generation and the economy of the communities they serve.
The local unit of Swiss conglomerate Nestlé has been helping coffee farmers in different parts of the country by teaching them how to improve their crops.
KFI helps cacao growers, especially beneficiaries of the government’s Comprehensive Agrarian Reform Program in Mindanao, via a contract-growing arrangement with them.
RMACC, which produces coffee for institutional customers and supermarkets, works with local indigenous peoples.
Upon completion of the accreditation process, the BOI said it is targeting at least 20 IB projects per sector to serve as “pilot class.”