Pasig City, Philippines—The Philippine Board of Investments (BOI) reported a 4.11 per cent increase in the manufacturing industry share in the country’s gross domestic product (GDP), bringing the total amount of manufacturing investments generated since 2010 to PhP230 billion. This and other early wins were cited by BOI Vice Chairman and Managing Head, Undersecretary Ceferino Rodolfo, as having been sparked or accelerated by the institution-wide use of the Performance Governance System (PGS) as a framework for transformation. Rodolfo delivered the report at the Institute for Solidarity in Asia’s (ISA) public governance forum held on June 10, 2016 at the Unilab Campus Bayanihan Center.
One of the institution’s breakthrough goals is to increase the manufacturing share in GDP to 24.11%. The figure is currently at 23.25%.
Achieving this breakthrough will reflect BOI’s ability to maintain industry competitiveness, strengthen emerging products, and rebuild existing industry capacities to generate more employment. Based on the latest data from the Philippine Statistics Authority (PSA), 3.2 million jobs have been generated from the manufacturing industry sector—an improvement from the previous figure of 3.1 million in 2012.
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Undersecretary Ceferino Rodolfo presents the institution’s governance roadmap. Photo: Board of Investments
These are the results of implementing the Manufacturing Resurgence Program under a wider governance reform program at BOI. Among the various industries, the Comprehensive Automotive Resurgence Strategy Program has also yielded promising results. “Our approach is no longer shotgun,” Rodolfo stressed. “Each sector now needs to address different types of barriers.” BOI envisions itself to be a global investment promotion agency by 2020, which means improved interactive and online facilities to give investors around the world access to opportunities in the country.
During the forum, Rodolfo reported as a next step the amendment of the severely outdated Executive Order 226, which is the basis of BOI’s creation. Rodolfo made it clear that to transform, the institution would have to expand its mandate in order to attract foreign investments and to service the needs of a changing Philippine economy, which is integrating regionally and competing globally.
This critical reform is co-championed by a group of external stakeholders called the Multi Sector Governance Consultative (MSGC) Group, convened in April 2016 and headed by influential citizens such as Deloitte Philippines’ Gregorio Navarro and the Philippine Chamber of Commerce and Industry’s (PCCI) George Barcelon. The group intends to help remove institutional restraints that limit BOI from becoming more responsive by making use of executive and legislative venues.
Rodolfo presented the institution’s governance roadmap, scorecard, and successes thus far before a public audience and a panel of governance advocates composed of ISA’s Rex Drilon, the Institute of Corporate Directors’ (ICD) Fe Barin, Deloitte Philippines’ Gregorio Navarro, Isla Lipana Foundation’s Tomasa Lipana, and Makati Business Club’s Peter Perfecto.
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Panelists prepare their questions after the BOI revalida presentation.
At the end of the forum, BOI was awarded successful completion of PGS Compliance, the second level of the four-level governance reform program. It was also recognized by the panel as a Silver Trailblazer awardee for its above-average planning, implementation, and presentation.
Closing his report, Rodolfo said, “We remain committed to implementing PGS not only as a system for measuring performance but also as a tool for transforming the institution and achieving the vision. BOI has zero tolerance for corruption, detests mediocrity, encourages constant improvement, and values diversity.”
To contact the writer of this story, e-mail Marielle Antonio at [email protected].[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]