[In photo: (L-R) Branch Banking Group (BBG) VP Jayson Lontoc; BBG EVP Leslie Cham; BOI Executive Director Maria Veronica F. Magsino, BOI’s Incentives Administration Service (IAS) Acting Director Ryan Ramos, and BOI’s International Investments Promotion Service (IIPS) Director Lanie Dormiendo]
The Philippine Board of Investments led by Executive Director Maria Veronica F. Magsino signed a Memorandum of Agreement with the officials of the Security Bank Corporation, accrediting the latter as one of the depository banks for the BOI’s Special Investor’s Resident Visa (SIRV) program.
A program to attract foreign investments in the Philippines, SIRV 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 USD75,000 in an eligible type of business (service or manufacturing industry) under Book V of E.O. 226, as amended.
During the signing ceremony at the Security Bank’s Centre in Makati City on Oct. 20, Executive Director Magsino said, “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.”
As a result of this collaboration, foreign investors can send their money to the Philippines through the Security Bank Corporation to qualify for SIRV.
Aside from the Security Bank, the BOI-accredited depository banks for the SIRV program include the Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), and East West Banking Corporation.
