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Manila Bulletin devider Philippines devider National devider Marcos boosts 'green lane' foreign investment projects

Marcos boosts 'green lane' foreign investment projects

Published Oct 17, 2023 08:27 am

An official of the Department of Trade and Industry (DTI) said on Tuesday, Oct. 17, that President Marcos is keen to maximize the potentials and benefits of his administration’s green lanes for strategic investments to pave the way for more local and foreign investments to the country.

PBBM_DTI.jpgPresident Ferdinand Marcos Jr. presides over a sectoral meeting in Malacañan Palace on Tuesday, Oct. 17, 2023. (Photo from the Presidential Communications Office)

Trade Undersecretary and Bureau of Investments (BOI) Managing Head Ceferino Rodolfo presented the DTI’s report on investment approvals resulting from the President’s foreign travels during a sectoral meeting in Malacañan Palace.

The President was briefed on the investment leads endorsed for Executive Order No. 18 (Constituting Green Lanes for Strategic Investments), which he signed in February 2023 “to expedite, streamline, and automate government approval and registration process of priority investments and strategic investments.”

“Kanina, doon sa sectoral meeting, binigyan-diin ni Presidente, number one, kailangan talaga focused tayo (Earlier, in the sectoral meeting, the President stressed that number one, we need to focus) in facilitating these strategic investments via the green lane,” Rodolfo said.

The DTI then reported to the Chief Executive that there are currently 11 projects registered under the green lane, totaling to about P300 billion worth of investments.

The facilitation of strategic investments under the government’s green lane will supposedly help the country realize the investment leads that Marcos and his economic team bring home from their foreign trips.

Strategic investments are those in line with the Philippine Development Plan 2023-2028.

Aside from plans to maximize the green lane, Marcos also wants to look at laws like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which reduces corporate income tax.

Rodolfo said the President would want to know any adjustments that have to be made on current laws to ease the process of doing business in the country.

“Nakikinig ho ang gobyerno sa ating mga namumuhunan at saka sa ating mga workers kung ano iyong mga nagiging problema, including for example, doon sa mga issues in the VAT (The government listens to the investors and our workers what the problems are, including for example, on issues in the VAT),” he explained, referring to value-added tax.

The DTI also presented the Investment Leads Monitoring System to the Chief Executive.

The system is “a web-based portal that provides real-time investment tracking that can be accessed anywhere with an internet connection.”

According to the DTI, the web portal “includes a dashboard with interactive charts showing the progress made on investments, performance analysis on investment trends and an investor management system, among others.”

Related Tags

DTI CREATE Act President Marcos Green lane foreign investments
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