‘Green lanes to hasten PHL economic recovery’

By Cai U. Ordinario @caiordinario

Trade and Industry Secretary

Alfredo Pascual said the issuance of Executive Order (EO) 18, which mandates the creation of green lanes for strategic investments, will help boost economic growth.

Under the EO, the green lanes will expedite or fasttrack the processes involved in the issuance of licenses, permits, and other certifications.

“It was during the meeting that we communicated to the President that several investors are interested in expanding operations in the Philippines,” Pascual said.

“Most of them have emphasized the importance of advancing ease of doing business after we have identified barriers across multiple regulatory agencies that hamper the smooth entry of FDIs in the country,” he explained.

Under the EO, strategic investments are classified into highly desirable projects; Foreign Direct

Investments (FDIs); and projects or activities under the Strategic Investment Priority Plan (SIPP).

T he DTI said strategic investments are those which are aligned with the Philippine Development Plan and are expected to contribute significantly to the Philippine economy.

T his means, these will bring in significant capital or investments, contributing to the country’s balance of payments, and improving the country’s infrastructure capabilities.

Within six months from its issuance, the EO also mandated the DTI-Board of Investments (BOI) to establish a One-Stop-Action-Center for Strategic Investments (OSAC-SI), which will serve as a single point of entry for all projects that qualify as Strategic Investments.

Further, the DTI-BOI is tasked to produce and regularly update a manual or guidebook for investors, which shall contain the list of government requirements for the establishment of strategic investments per sector. The DTI-BOI will also be assisted by the Department of Budget and Management (DBM) to operationalize the OSAC-SI.