BOI, Security Bank sign deal to get more foreign investments

The Board of Investments, led by executive director Maria Veronica Magsino, signed a memorandum of agreement with the officials of Security Bank Corp., 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, 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 $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,” Magsino said.

Foreign investors can send their money to the Philippines through Security Bank to qualify for SIRV. Aside from 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 Corp.