The Board of Investments (BOI) recently entered into a Memorandum of Agreement (MOA) with the Food and Drug Administration (FDA) to speed up the facilitation of issuance of FDA permits and licenses of BOI-registered firms and applicants in accordance with the FDA’s Citizen Charter.
The objective of this MOA is to make it easier for firms to do business in the Philippines and improve its business environment, thus making the country more attractive to investors.
Under this MOA, both agencies will have proactive coordination in simplifying the relevant rules, guidelines, and processes that will affect the investors. Copies of rules and regulations will be provided by FDA to BOI including the checklist for applications for any permit, clearance or certificate pertaining to safety or quality of different kinds of products which require registration with the FDA.
Additionally, the MOA allows BOI representatives or personnel to assist in the submission and follow-up of applications and requirements for license, registration, permit, clearance or certifications from the FDA.
This initiative is part of the BOI’s “Going the Extra Mile” project to provide high quality services to investors. By entering into this agreement, BOI and FDA expect to encourage more investors to retain and make additional investments in the Philippines.
The lack of communication between governmental agencies in the Philippines is certainly a major obstacle for business. With different requirements and procedures, a common set of legal rules and better communication would a have a significant impact in terms of Foreign Direct Investment. This Memorandum is in our opinion a great achievement and hopefully future ones will come.