PRESIDENT Ferdinand “Bongbong” Marcos Jr. will sign an executive order (EO) that is aimed at promoting ease of doing business in the country in order to attract more investment amid economic recovery from the Covid-19 pandemic, Malacañang said on Tuesday, November 29, 2022.
The Department of Trade and Industry (DTI) proposed the issuance of an EO for the creation of a green lane in order to expedite and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.
The DTI said it has identified the barrier across multiple regulatory agencies that hamper the smooth entry of Foreign Direct Investments 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 the meeting in Malacañang Palace.
(That's a big thing. That will address immediately the so-called ease of doing business that we are always complaining about.)
“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.
(Until we get to change the procedures... and to say that... maybe this is no longer necessary, extraneous, or obsolete. You cut it down as much as we can.)
The DTI said the EO will mandate all national government agencies (NGAs) and their regional and provincial offices, local government units (LGUs) and quasi-judicial bodies to act on a permit or license application not longer than three working days in the case of a simple transaction, seven working days in the case of complex transactions, and 20 working days for highly technical transactions from the date of receipt.
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 projects of national significance or highly desirable that may be endorsed by the Board of Investments (BOI) of the concerned Investment Promotion Agencies (IPAs).
The DTI BOI will be the implementing arm of the EO while the BOI-Investment Assistance Service (BOI-IAS) will become the single point of entry of investment availing of the green lane services endorsed as nationally significant or highly desirable projects.
Government agencies that will not adhere to the EO may face administrative and disciplinary sanctions. (SunStar Philippines)