As the Philippines opens doors to more inventors, President Ferdinand R. Marcos Jr. is set to sign an executive order (EO) to promote ease of doing business in the Philippines, according to the Office of the Press Secretary.
The EO also seeks to make the Philippines competitive with other Southeast Asian nations in attracting foreign direct investments (FDIs).
This followed the Department of Trade and Industry’s (DTI) presentation of the proposed EO on the Creation of Green Lane for Strategic Investments after identifying regulatory barriers that delay FDIs’ entry into the Philippines.
“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.
“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,” the President pointed out.
Through the EO, a green lane will be established in government offices to expedite and streamline processes and requirements for the issuance of permits and licenses. It also aims to resolve issues concerning strategic investments.
It will also mandate national agencies and local government offices to act on a permit or license application no 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. -AG-gb
