THE Philippines on Thursday formally launched its “green lanes” for big foreign direct investments in a bid to attract more capital to the country.
The Department of Trade and Industry (DTI) said the green lanes for strategic investments “will significantly cut down the processing time for documents needed to start a business in the country.”
“We will create a single point of entry with the creation of Board of Investments One Stop Action Center which shall serve as the only entry of all projects qualified as strategic investments,” President Ferdinand Marcos Jr. said during the launch.
“The green lanes that we have set up will address the barriers across multiple regulatory agencies that hamper the entry and delay the realization of foreign direct investments,” Trade Secretary Alfredo Pascual said during the event at Sofital Hotel in Manila.
The DTI said the green lanes include One-Stop-Action-Center for Strategic Investments as well as an online platform.
The measure was established through Executive Order No. 18 issued on Feb. 23. It covers all government agencies, government-owned and controlled corporations, as well as local government units (LGUs) involved in the issuance of permits, licenses, certifications, or authorizations for Strategic Investments.
It provides for the simultaneous processing of applications by national government agencies and LGUs with the presumption that the relevant documents from other agencies have already been issued.
The DTI said strategic Investments include highly desirable projects recommended by the Fiscal Incentives Review Board to the Office of the President, foreign direct investments, and priority projects.
“It also covers the investment pledges presented to the President during his Presidential Visits,” the agency said. (ABS-CBN News)
