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Manila Bulletin devider Philippines devider National devider Marcos to sign EO on ease of doing business, Palace says

Marcos to sign EO on ease of doing business, Palace says

Published Nov 29, 2022 02:29 pm

President Ferdinand "Bongbong" Marcos Jr. is set to sign an executive order (EO) that aims to promote ease of doing business in the country and attract foreign investments.

(Photo courtesy of the Office of the Press Secretary)

Malacañang announced on Tuesday, Nov. 29, the expected signing of the EO after the President's meeting with the Department of Trade and Industry (DTI).

During the meeting, DTI presented the proposed EO on the Creation of Green Lane for Strategic Investments after identifying the barrier across multiple regulatory agencies that hamper the smooth entry of foreign direct investments (FDIs) in the country.

The EO will mandate concerned offices to establish a Green Lane to expedite and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.

“Malaking bagay yun (That's a huge thing). That will address immediately yung tinatawag na (the) ease of doing business na laging nirereklamo sa atin (that are always the subject of complaints),” Marcos said 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baka ito extraneous na ito, ito obsolete na ito, ganyan (perhaps this is no longer needed, this is extraneous, this is obsolete). You cut it down as much as we can,” he ordered.

The proposed EO will cover all national government agencies (NGAs) and their regional and provincial offices, local government units (LGUs) and quasi-judicial bodies involved in issuing permits and licenses necessary for establishing strategic investments in the country.

It mandates NGAs and LGUs 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.

A technical working group headed by the DTI’s Board of Investments (BOI) will implement the EO and a 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.

Non-compliance with the EO’s provisions will be a ground for administrative and disciplinary sanctions against any erring public officer or employee, as provided under existing laws and regulations.

Related Tags

Bongbong Marcos DTI 112922 EO EASE OF DOING BUSINESS President Marcos
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