13-7-2023 (MANILA) The Philippines, officially introduced the “green lanes” initiative on Thursday, aiming to enhance the country’s investment climate and attract more foreign direct investments (FDIs).
In February, Philippine President Ferdinand Romualdez Marcos issued an executive order to establish green lanes in government offices, streamlining the investment process.
During the launch event, Marcos expressed confidence that the green lanes would facilitate the realization of numerous investment pledges, including those personally received during his international engagements. He emphasized that these initiatives would benefit the people and the nation as a whole.
The executive order focuses on promoting market competition and reducing obstacles to investment. It mandates all government offices, including local government units, to expedite the issuance of permits, licenses, and certifications necessary for investment implementation.
Furthermore, the policy designates the Board of Investments’ one-stop action center as the central entry point, ensuring efficiency and ease of doing business in the country.
Marcos also highlighted the introduction of e-Invest, an online platform designed to expedite the submission and processing of investment applications. This platform grants provisional permits to operate, enabling investors to commence operations while awaiting full approval.
The Department of Trade and Industry expects around 88 million U.S. dollars of investment pledges from Marcos’ foreign trips to materialize this year, resulting in the creation of approximately 17,800 direct employment opportunities
