An atmosphere of nurturing growth characterizes the country’s regulatory environment, which has clearly articulated policies designed to assure a ‘level playing field’ in development.

This welcoming philosophy is reflected in the Philippine Constitution, which guarantees the rights of investors. Laws and regulations provide a transparent regime allowing the business sector to grow and compete globally.

The Omnibus Investments Code of 1987, for instance, provides a comprehensive set of incentives for local and foreign enterprises. It also allows 100 per cent foreign ownership for certain priority activities.

Similarly, the Foreign Investment Act of 1991 has liberalized the entry of foreign investments into the Philippines while the Investor’s Lease Act of 1993, permits private lands to be leased by foreign investors for 50 years, extendable by 25 years. The Export Development Act of 1994 provides additional incentives to export-oriented enterprises. The Build-Operate-Transfer Law allows for private sector participation in the provision of public infrastructure and facilities.

The country is also a full member of the Multilateral Investment Guarantee Agency (MIGA) that protects investment activities against restrictive actions by the host government.

Local governments comprising Metro Naga complement these investor-friendly policies through generous investment incentives.

Sustainable economic growth remains a key priority especially in Metro Naga, where a strong emphasis on respecting the environment forms an essential ingredient to business development. To this end, investments which may have an impact on the environment must comply with the Philippine Environmental Impact Statement System. This requires an environmental study to address potential adverse effects of the project on the landscape and waterways.

Registration with local governments and compliance with other regulatory requirements falling within the approving authority of regional offices, can be completed expeditiously through the Metro Naga Investment Promotion Center. The Center is the first point of contact for investors wishing to understand the investment regime, regulations and opportunities in Metro Naga.