PRESIDENT Ferdinand "Bongbong" Marcos Jr. will sign an executive order (EO) to promote ease of doing business in the country as his administration targets to make the Philippines a "top investment destination."
This, after the Department of Trade and Industry (DTI) on Tuesday presented to Marcos the proposed EO on the Creation of Green Lane for Strategic Investments after identifying the barrier across multiple regulatory agencies that hamper the smooth entry of Foreign Direct Investments (FDIs) in the country.
"Malaking bagay 'yun. That will address immediately 'yung tinatawag na ease of doing business na laging nirereklamo sa atin," Marcos told DTI officials during their meeting in Malacanang.
"Until we get to change the procedures... and to say that... baka ito hindi na kailangan, baka ito extraneous na ito, ito obsolete na ito, ganyan. You cut it down as much as we can," he added.
Office of the Press Secretary officer-in-charge Cheloy Garafil said the EO will mandate concerned offices to establish a Green Lane to expedite and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.
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The proposed EO, she said, will cover all national government agencies (NGAs) and their regional and provincial offices, local government units (LGUs) and quasi-judicial bodies involved in issuing permits and licenses necessary for establishing strategic investments in the country.
"Among the strategic investments identified by the DTI were projects of national significance, highly desirable projects endorsed by the Fiscal Incentives Review Board (FIRB) and FDIs endorsed by the Inter-Agency Investments Promotion Coordination Committee (IAIPCC) or priority projects or activities under the Strategic Investment Priority Plan (SIPP), which are considered as projects of national significance or highly desirable that may be endorsed by the Board of Investments (BOI) of the concerned Investment Promotion Agencies (IPAs)," Garafil said.
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