Citing the need for the country to be more competitive in terms of trade, President Ferdinand "Bongbong" Marcos Jr. said the government has to stop hiding behind "protectionist laws" to make the Philippines a fertile ground for investments.

President Ferdinand ‘Bongbong’ Marcos Jr. (Ali Vicoy)

Marcos said this as he led the launching of the Green Lanes for Strategic Investments and the awarding of Executive Order (EO) No. 18 Certificate of Endorsement to SunAsia Energy, Inc. and BlueLeaf Macquarie Capital for the construction of the $1.2-billion 1,300-megawatt floating solar project at the Laguna Lake.

In his speech on Thursday, July 13, the President noted how the Philippines must be competitive in a global economy, but it cannot do so if it lags behind other countries in terms of bureaucratic red tape.

He mentioned how neighboring countries like Thailand, Vietnam, and Indonesia could process investment requirements in as short as three days, while the Philippines supposedly could do the same in at least 20 days. He hinted that the Philippines could overcome this if it stopped hiding behind "protectionist laws."

"We live in a global economy and, therefore, we follow the principle that we compete vigorously but cooperate whenever possible. But to compete vigorously with the nations in Southeast Asia, we also have to compete in terms of ease of doing business," Marcos said.

"If we are to compete on an even basis— which is required because we cannot continue to hide behind protectionist laws and protectionist policies because no country ever got wealthy by following a protectionist policy," he added.

With this, the President thanked Congress for supporting the administration's agenda to foster a conducive business environment and ensuring that all of the government's policies are aligned towards the seamless realization of strategic investments. He particularly noted the Congerss efforts of amending laws like the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Law.

Malacañang issued EO No. 18 on Feb. 23 as part of the continuing efforts to address the concerns of foreign investors and promote the Philippines as a top investment destination.

EO18, which adopts measures that will expedite transactions with the government, covers all national government agencies (NGAs), government-owned and controlled corporations (GOCCs), other government instrumentalities, local government units (LGUs), and offices issuing permits, licenses, certifications, or authorizations covering strategic investments.

In his speech on Thursday, the President said that such efforts to streamline government services were long overdue.

"It is, indeed, long overdue to have reforms that will not only attract more investment into the country but will also create an environment conducive to business growth and development," Marcos said.

The EO specifies strategic investments as those aligned with the Philippine Development Plan or any similar national development plan and can be characterized by:

• The significant capital or investment in the country
• The consequential economic impact
• The positive impact on the environment
• The significant contribution to the country's balance of payments
• Complex technical processes and engineering designs
• Those that would improve the country's infrastructure capabilities
  
  

EO No. 18 added that strategic investments include highly desirable projects, foreign direct investments, and projects or activities under the Strategic Investment Priority Plan.