LA UNION province needs to leverage its strengths as a tourism destination in order to broaden its potential as an investment destination, a Board of Investments (BoI) official said.

BoI Executive Director Bobby G. Fondevilla said at a recent investment policy briefing webinar that La Union’s broader potential rests on its current strengths in tourism. The province is a popular beach and surfing destination.  

“I am positive that soon, the province will realize its ambitions,” Mr. Fondevilla said.

BoI Supervising Investments Specialist Lubin R. de Vera, Jr. said local government units (LGUs) are key to investment promotion and must develop their capacity in navigating incentive policy to attract businesses.

Mr. De Vera encouraged LGUs to create their own economic development and investment promotions offices to serve as local counterparts of the BoI.

“Investment promotion is everybody’s business. Such initiatives cover all activities aimed at creating favorable conditions to (attract) investments,” Mr. De Vera said.

Meanwhile, BoI Chief Investments Specialist Edilberto C. Nunag encouraged LGUs to collaborate with the BoI as they draft strategies to promote individual cities and municipalities. — Revin Mikhael D. Ochave

Source: https://www.bworldonline.com/tourism-seen-as-basis-for-drawing-investment-to-la-union-province/