Inclusive growth is no longer a mere concept in today’s advancing economic growth. Equitable opportunities for economic participants include a large part of a country’s labor force which has a direct link between the macro and micro determinants of progress.
As part of its 47th year Anniversary, the Board of Investments (BOI), an attached agency of the Department of Trade and Industry (DTI), conducted a forum for its registered enterprises to promote Inclusive Business (IB) models. “Through this endeavor, we plan to mainstream IB into the government industrial policy and influence other government agencies in advocating for similar policies,” Undersecretary for Trade and BOI Managing Head Adrian Cristobal Jr. said.
The Asian Development Bank defines “Inclusive Business” as a commercially viable profit-making entity, where private companies’ core business solutions are designed to address social issues and benefit the poor and vulnerable by engaging them as producer, employee, distributor or consumer of goods and services.
“We welcome the partnership with the ADB in the design of the Project Preparatory and Technical Assistance (PPTA). BOI will be working with the ADB for the preparatory studies, capacity building and the start up loan activities,” Cristobal added.
“Inclusive Growth through Inclusive Business,” the topic of BOI”s Trade and Industry Updates forum (TID Updates), was attended by BOI-registered firms from various sectors and top officers from the Asian Development Bank (ADB), International Finance Corporation (IFC), PHINMA Property Holdings, Kennemer Foods International and Philippine Business for Social Progress (PBSP).
Cristobal said that DTI and BOI programs and initiatives to support the country’s inclusive growth agenda is a priority of the agency. Among these supporting activities are trade and investment facilitations, ease of doing business reforms, more inclusive industry roadmaps, providing incentives and Shared Services Facilities (SSF). From providing incentives, to requiring socialized housing projects, and development of industry roadmaps.
Since 2012, BOI has conducted a series of seminars to inform various offices of the DTI to discuss the role of IB in nation-building and economic development. IB workshops will also be conducted within the year with focus on manufacturing, mass housing, tourism, and health sectors to equip the BOI in IB project facilitation and accreditation. (END)