This was made possible with the signing of Memorandum of Understanding between the Department of Trade and Industry-Board of Investments (DTI-BoI), SBMA and Clark Development Authority (CDC).

Trade and Industry Secretary Peter B. Favila said the MoA has paved the way for a smoother flow of investments in the country as investment promotion agencies of the government harmonize its registration procedures, thus, promoting more businesses to come to the country.

Trade Undersecretary and BoI Managing Head Elmer C. Hernandez said the agreement aims to provide a seamless investment processing for incoming businessmen that are applying for government incentives.

The deputation followed after the issuance of Executive Order 478 placing CDC and SBMA under the policy supervision of the DTI.

Under the agreement, SBMA and CDC would form a team to harmonize application forms, documentary requirements, and evaluation procedures of BoI.

At the same time, the BoI will orient and train SBMA and CDC personnel on BoI registration and supervision system.

SBMA and CDC will accept and evaluate applications from enterprises, which are qualified for BoI registration under the existing Investments Priorities Plan.

Registration applications will be evaluated by SBMA and CDC within one day for transmittal to the BoI the following day and final approval.

Although SBMA and CDC are deputized, BoI will still continue to exercise its supervision and monitoring functions to all BoI-registered enterprises.

Favila said the government is making the environment friendlier to business since the enhanced registration system is more convenient for businessmen since they need not shuttle from CDC and SBMA to BoI to process their papers.

"We are constantly studying our system to cut down red tape and hasten the location of more business in the country," Hernandez said.

Signatories to the MoA are Undersecretary Hernandez for BOI; Chairman Feliciano G. Salonga and Administrator and Chief Executive Officer (CEO) Armand Arreza for SBMA; and Chairman Rizalino S. Navarro and President and CEO Antonio R. Ng for CDC.