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Monday, April 22, 2024

BOI, Security Bank sign deal to get more foreign investments

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The Board of Investments, led by executive director Maria Veronica Magsino, signed a memorandum of agreement with the officials of Security Bank Corp., accrediting the latter as one of the depository banks for the BOI’s Special Investor’s Resident Visa (SIRV) program.

Board of Investments executive director Maria Veronica Magsino (right) signs a memorandum of agreement with the officials of Security Bank Corp.

A program to attract foreign investments in the Philippines, the BOI’s SIRV program aims to increase the country’s foreign currency reserves by providing a residence visa with multiple-entry privileges in exchange for a minimum investment of $75,000 in an eligible type of business (service or manufacturing industry) under Book V of E.O. 226, as amended.

“We at the Board of Investments are optimistic that this collaboration with the Security Bank Corporation will further strengthen the synergy of government and the private sector, and, hopefully, lead to a mutually beneficial relationship for both parties,” Magsino said.

Foreign investors can send their money to the Philippines through Security Bank to qualify for SIRV. Aside from Security Bank, the BOI-accredited depository banks for the SIRV program are the Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP) and East West Banking Corp.

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