After several brainstorming sessions, committee meetings and a public hearing conducted by the Committee on Trade and Industry and the Technical Working Group (TWG), the new Bohol Economic Development and Investment Code in the New Normal was finally approved in its third and final reading by the Sangguniang Panlalawigan (SP) on July 13, 2021, a report says.
Board Member Jone Jade Bautista, head of the Committee of Trade and Industry led the process of revising the old Bohol Investment Code.
Bautista was grateful to her fellow members of the committee and those coming from the public and private sectors who helped in the crafting if the new investment code for Bohol.
To recall, the TWG was created last February of this year for the purpose of reviewing and revising the Bohol Investment Code of 2014.
The TWG members further held a Multi-Sectoral Planning Workshop to gain insights and grasp ideas that will guide them in revising the present code which is fundamental in economic recovery of Bohol.
Accordingly, the Bohol Economic Development and Investment Code in the New Normal introduces several amendments to favor more opportunities to attract both local and foreign investors and entrepreneurs.
Some of the features of the new ordinance are the creation of a regular department under the Provincial Government named as Bohol Economic Development and Investment Promotion Office (BEDIPO) that is in charge of the facilitation, preparation, coordination, and execution of local economic development and investment promotion policies, projects and activities. BEDIPO is formerly known as the Bohol Investment and Promotions Center (BIPC).
Another amendment introduced by the new code is the provision of investment priority areas in the province which can avail of the package of incentives and support measures by the Provincial Government of Bohol to promote the growth of investments.
It also provided the pre-qualification requirements for those enterprises intending to avail of the incentives provided in the code.
Another notable feature of the code is the minimum filing fee for all the investors who will register, however, their filing fee shall be based on the size of their enterprise.
The code also provides stipulations on the filing fee for investors who wish to set up shop in Bohol based on business size.