BBM

PBBM launches Green Lanes for ease of doing business

July 13, 2023 People's Tonight 247 views

PRESIDENT Ferdinand R. Marcos Jr. expressed on Thursday his unwavering confidence in the potential of Green Lanes for Strategic Investments to significantly enhance foreign direct investments (FDI) in the Philippines.

The President’s remarks came during the official launch and covenant signing of Executive Order (EO) No. 18, which creates Green Lanes in government offices to facilitate the processes in materializing investments.

“I am confident that the Green Lanes will pave the way for the realization of many pledges that we have had—including those that I have personally received whilst abroad—ensuring that they will bear fruit for our people and our nation,” President Marcos said during the event held in at Sofitel in Pasay City.

The President said EO 18 is the result of continuing consultations with the business sector, stressing its importance to strengthen market competition and reduce barriers to investment.

“We gave this a particular priority because upon listening to our prospective investors, this was one of the areas where they felt we could do better and would improve the investment climate in the

Philippines and that is why we have now undertaken this measure under EO 18,” he said.

Issued on 23 February 2023, EO 18 is part of the Marcos administration’s eight-point agenda, which mandates all government offices, including the local government units (LGUs), to expedite the processes involved in the issuance of permits, licenses, and certifications required to implement investments.

The policy also directs the Board of Investments’ One-Stop Action Center as a Single Point of Entry further ensuring efficiency and ease of doing business in the country.

“It is, indeed, long overdue to have reforms that will not only attract more investments into the country, but will also create an environment conducive to business growth and development,” Marcos said.

The President also highlighted the introduction of e-Invest, an online platform that expedites the submission and processing of investment applications. This platform grants Provisional Permits to Operate, allowing investors to commence operations while awaiting full approval.

The Department of Trade and Industry (DTI) said that around US$88 million of investment pledges from the President’s foreign trips are expected to materialize this year, generating 17,800 direct employment.

This is out of the Php3.5 trillion worth of investment leads from various countries that include Singapore, Indonesia, Japan, China, Thailand, the US and Europe.

DTI Secretary Alfredo Pascual also announced during the launch that SunAsia Energy is the first investor with a certificate of endorsement for green lanes. SunAsia Energy will set up a floating solar panel on Laguna Lake to produce 1.3 GW of power.

PCO

AUTHOR PROFILE