Ilocos Norte's provincial administration went to Nueva Era, Banna, Marcos, and Dingras on Wednesday to…
Ilocos Norte anticipates better business opportunities in 2023.
Ilocos Norte province had a comparatively strong year in 2022 as businesses recovered from the protracted epidemic, and there are expectations for even more investments to flow into this northern gateway of Luzon the following year.
Ilocos Norte’s strengthened relationship with the Board of Investments (BOI) under the Department of Industry was noticed by Rona Leigh Bueno, head of the INvest office, on Tuesday (DTI).
Ilocos Norte will be open to additional enterprises by the end of the year, according to Bueno, including those in food production and processing, tourism, creative industries, business process outsourcing, renewable energy, and ethical mining and quarrying, among other areas.
In an interview, Bueno stated, “We are currently in the process of aiding them to facilitate their relocating in the province with our very hands-on governor who continues to attract the proper investors for Ilocos Norte.
Ilocos Norte is currently providing a variety of fiscal and non-fiscal incentives to investors in favor of President Ferdinand R. Marcos Jr.’s earlier proclamation to make the Philippines a “top investment destination.”
This includes real estate tax exemptions and incentives for businesses that use environmentally friendly techniques and hire local workers.
To assist both new and current firms, the province Investment Office also offers pre-investment and investor servicing programs. The distribution of pertinent market data, site visits to possible investment locations, and support in finding rental properties are just a few of the services provided.
With a focus on broad-based job creation and the expansion of digital infrastructure, research, and development, the Marcos administration additionally aims to increase the chances for high-value investments.
A substantial river restoration project that started earlier this month is one of the province’s continuing expensive undertakings. The project’s first phase will endure for three years.
In the meantime, Bayog Wind Power Corp. (BWPC) and the Pagudpud Wind Power Group in Ilocos Norte have signed subscription agreements with ACEN Corp., the Ayala Group’s energy platform.
To assist the ongoing development of a wind power project in the province, the company is investing an additional PHP900 million in each of its two subsidiaries under the terms of the deal.
According to a statement from the business, “BWPC will use the subscription to fund ongoing building activities for the 160 MW Pagudpud wind project located in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte.”
With a renewable share of 87 percent—among the highest in the region—the company currently has over 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.
On the other hand, after Ambassador Huang Xilian’s visit to Ilocos Norte earlier this year, more Chinese businesses are considering the province as an investment location.
The Chinese ambassador recognized Ilocos Norte’s enormous investment potential.
We think that China’s new growth will present the international community, including the Philippines, with a wide range of opportunities. It goes without saying that our practical collaboration will have a bright future.
The foundation of the Special Economic Zone Institute (Sezi), which is remaking the province into a “smart community” and enabling more Ilocanos to obtain multi-level skills, took place at the government-run Mariano Marcos State University in Batac City two years ago.
One of the largest objectives of the Philippine Economic Zone Authority is the construction of Sezi, in collaboration with state universities and colleges (SUC) like MMSU, to provide skills training and research to make every Filipino a worker of the highest caliber.
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