BOI, Security Bank ink SIRV agreement to attract more foreign investments in the Philippines

The Philippine Board of Investments, led by Executive Director Maria Veronica F. Magsino (first photo, 3rd from left), 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.

The second photo shows (L-R) VP Jayson Lontoc, Branch Banking Group (BBG); EVP Leslie Cham, BBG; BOI Executive Director Magsino, Acting Director Ryan Ramos of the BOI’s Incentives Administration Service (IAS), and Director Lanie Dormiendo of the BOI’s International Investments Promotion Service (IIPS) during the signing ceremony in Security Bank’s Centre in Makati City on Oct. 20, 2023.

A program to attract foreign investments in the Philippines, the BOI’s SIRV program 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 US$75,000 in an eligible type of business (service or manufacturing industry) under Book V of E.O. 226, as amended.

“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,” Executive Director Magsino said.

As a result of this momentous 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 are the Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), and East West Banking Corporation.