President Ferdinand R. Marcos Jr. just returned from a series of international tours, and the…
Green lanes will aid in fulfilling investment commitments from PBBM’s journeys.
The Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), the two main investment promotion organizations (IPAs) in the nation, have hailed the issuing of Executive Order (EO) No. 18, which establishes “green lanes” for strategic projects.
Alfredo Pascual, the secretary of the Department of Trade and Industry (DTI) and chairman of the BOI, stated in a statement on Monday that the country’s investment appeal will rise as a result of the green lanes for strategic projects.
“This EO supports our initiatives to promote a strong economic recovery and expansion. It encourages ease of doing business because local government units and national government organizations, including their regional and provincial offices, are now required to establish green lanes that will expedite the process of obtaining necessary licenses and permits for strategic investments, the official said.
Green lanes were suggested to President Ferdinand R. Marcos Jr. by Pascual and the DTI-BOI in October in order to enable the administration to fulfill investment commitments made during the Chief Executive’s international visits.
“We informed the President of the interest of various investors to grow operations in the Philippines during the meeting. Once we identified impediments spanning numerous regulatory agencies that impede the seamless entry of FDIs (foreign direct investments) in the country, the majority of them highlighted the need for increasing ease of doing business, he continued.
The new EO will make it easier to conduct business for projects, FDIs, and initiatives included by the Strategic Investment Priorities Plan (SIPP).
Any national government organizations, government-owned or -controlled businesses, and local governmental entities that issue business permits, licenses, certifications, and/or authorizations are covered by EO 18.
PEZA officer-in-charge Tereso Panga stated in a Facebook post that the EO 18 reflects a whole-of-government approach in enhancing and hastening the issue of licenses and permits required for starting enterprises in the nation.
“PEZA appreciates the issuing of Executive Order 18 for its ‘whole-of-government approach’ in facilitating the conversion of investment promises to realize the physical presence of foreign investors’ businesses and facilities,” Panga stated.
Added he When the agency adopts a one-stop shop for obtaining permissions and licenses, PEZA pledges to share its best practices and information in order to provide investors with seamless services.
The United States Department of State, the International Finance Corporation (IFC)-World Bank, and the Association of Southeast Asian Nations (ASEAN) Investment Report have all praised PEZA for its one-stop-shop, investment promotion initiatives, and ease-of-doing-business initiatives for its economic zone locators.
“The best practices and business-friendly environment it has established have served as a model for other nations to imitate. It is past time for us to acknowledge that in order to remain competitive, we must follow PBBM’s national strategy and alleviate investors’ pain points by creating green lanes for strategic investments,” Panga continued.
Malacaang claims that during Marcos’ most recent overseas tours, investment promises totaling PHP3.4 trillion were obtained.
During the weekend, Malacaang stated that projects totaling about PHP239 billion are already in the implementation stage while those worth about PHP1.5 trillion are presently in the planning stage.***
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