Oro puts up Investment Promotion Center-A A +A
Saturday, August 23, 2014
IN STRENGTHENING good governance and enhancing the economic prosperity of the people, the local government unit (LGU) and the private sector have collaborated to spur investment in Cagayan de Oro City.
A memorandum of agreement (MOA) signed recently by the City Government of Cagayan de Oro, the Department of Trade and Industry (DTI) in Misamis Oriental and the Promote CdO Foundation, a non-stock, non-profit private organization, would seek to implement effective promotional strategies to attract investors into the city.
The MOA underscored the respective indispensable roles of the LGU, DTI and Promote CdO, as key players in the growth and development of the city, particularly in stimulating the economy through investments in tourism, trade and industry, the services sector that contribute to inclusive growth and employment generation.
The establishment of the CdeO Trade and Investment Promotion Center (Oro-IPC) was mutually agreed by the parties, which will provide business promotion and facilitation services, especially for start-up businesses, coordinate events such as inbound and outbound missions to advance the city’s competitiveness.
The signing the MOA was done by Mayor Oscar Moreno, Ma. Elisa Pabillore of DTI Misamis Oriental, and Jaime Rafael Paguio of the Promote CdO, and witnessed by USAid visiting personalities.
Moreno said the establishment of the Oro-IPC is one of the processes and mechanisms on good governance that are essential in improving efficiency in the delivery of public services and curbing graft and corruption.
“This is something to show to our people that indeed we can simplify procedures of our frontline services that will definitely cut short the processing time of transactions, hence, making our service to the transacting public fast, efficient, convenient and reliable, notwithstanding reducing bureaucratic red tape,” Moreno said.
Cagayan de Oro is one of the pilot cities in the country of the project Invest (Investment Enabling Environment), initiated by the United States Assistance for International Development (USAid) to encourage would-be investors to locate in the city.
The Invest project was designed to make transacting business with city hall fast and less cumbersome specially when applying for licenses as a result of good governance thus cutting red-tape which has remained a bane for investors.
Among reforms identified in the Invest study are the automation of the business permit and licensing system (BPLS) and linking it with Philippine Business Registry; establishment of one-stop-shops; and streamlining of inspection systems.
Aside from Cagayan de Oro, Iloilo and Batangas are among the urban centers in the country handpicked as pilot cities chosen by USAid because of their demonstrated economic potential.
Published in the Sun.Star Cagayan de Oro newspaper on August 23, 2014.