The Bureau of Internal Revenue (BIR) has committed to enhancing the ease of doing business in the country to attract more local and foreign investments through its role in the Investment Facilitation Network (INFA-Net).
The network is a coalition of state agencies tasked with promoting investment in the country.
BIR Commissioner Romeo Lumagui Jr. said on Tuesday he had directed all BIR offices to prioritize and assist local and foreign strategic investments.
“This is in line with (the President’s) call to make the Philippines a top investment destination. The BIR will do its role in attracting investors,” Lumagui Jr. said in a statement.
Earlier this month, the Office of the President renamed the Investment Promotion Unit Network into INFA-Net to promote the Philippines as an economic powerhouse in Southeast Asia.
On June 2, key government agencies convened for the ceremonial signing of the Joint Memorandum Circular (JMC), which institutionalizes the INFA-Net, a coalition of 38 government agencies.
Under the recently signed JMC, the BIR is tasked with expediting taxpayer registration processes for investments endorsed by the Board of Investments’ (BOI) One-Stop Action Center for Strategic Investments.
The BIR is also mandated to streamline its internal procedures for issuing permits and licenses related to investment requirements and to act on applications within the prescribed time frames outlined in its Citizens’ Charter.
To ensure responsive and coordinated service, the BIR said it will monitor and document investment-related issues, provide timely follow-ups, and maintain a database of frequently asked questions.
It will also submit monthly updates to the BOI on the status of applications related to strategic investments endorsed to the BIR, along with progress reports on the implementation of the JMC.
A designated focal person will ensure efficient coordination with INFA-Net.
Through its involvement in the joint initiative, the BIR said it remains fully committed to advancing the Philippines’ development goals and improving the quality of life for all Filipinos.
