Published Paper Details:

The purpose of the study is to ascertain how the involvement of the Local Economic Development and Investment Promotion Office may influence and expedite the region's economic progress. The study's conclusions, which focus on the pertinent factors that drive economic dynamism, will assist the private sector and local governments in developing and implementing plans and policies that will increase the competitiveness of the local economy, draw in investment, and ultimately lead to inclusive growth and sustainable development. A researcher-made questionnaire was used in the study. It was based on the mandated functions of Local Economic Development and Investment Promotions as stated in the Guidelines on Promoting Local Economic Development and Investment Promotion and the establishment of LEDIP Office/Unit in all Provinces, Cities, and Municipalities, Department of the Interior and Local Government (DILG) Memorandum Circular No. 2020-167. Moreover, the researcher made use of the Cities and Municipalities Competitiveness Index (CMCI) to understand the level of economic dynamism of Central Luzon using the ten (10) indicators used by CMCI. The Economic Dynamism Indicators show that the cost of doing business is the top priority for investors, primarily due to low-cost production locations. The Local Economic Services Division's implementation is average due to issues encountered along the way. The Business Development function is used to a limited extent, and the implementation of investment services duties is partially or moderately successful due to job duplication and insufficient funds. Economic indicators such as cost of living, financial deepening, and local economy growth are crucial for business development functions. The level of implementation of Local Economic Development Investment Promotion is influenced by the Economic Dynamism. A well-designed organizational structure, budget support, updates to the Local Investment and Incentive Code, and marketing strategies are necessary for efficient operation and achieving desired economic outcomes. To increase economic dynamism in Region 3, the research advises local lawmakers, officials, and other stakeholders to implement Local Economic Development and Investment Promotion. It recommends changing policies, doing capacity building to improve the skills of LEDIP officers and support staff, and making LGUs submit their local data capture sheets. Guidelines should have consequences for breaking them. LGUs should establish and maintain connections with NGOs, business sectors, government agencies, and academic institutions in order to foster business-friendliness and competitiveness. Hiring personnel with experience in company growth will guarantee that divisional tasks are completed efficiently. In addition to creating the Implementing Rules and Regulations, municipalities should assess their local investment and incentive codes. Funding and institutionalization of the LEDIP Office are necessary for its efficient operation.