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Manila Bulletin devider Philippines devider Luzon devider Northern Samar inks MOA establishing investment green lane

Northern Samar inks MOA establishing investment green lane

Published May 18, 2024 07:45 am

TACLOBAN CITY – Gov. Edwin Ongchuan, together with local chief executives, recently inked a pioneering Memorandum of Agreement (MOA) to streamline business regulations and improve the investment environment in Northern Samar province.

ONGCHUAN.jpg

ONGCHUAN (FB)

The MOA underscores a shared commitment to position Northern Samar as an investment destination by fostering a business-friendly atmosphere. 

It outlines the identification of Priority Investment Areas in alignment with national standards, providing clarity for businesses operating within the designated zones.

A key development outlined in the agreement is the establishment of the Provincial Green Lane, known as the Northern Samar One Stop Action Center for Strategic Investments (NS-OSACSI), aimed at expediting the processing of permits and licenses for businesses in Priority Investment Areas. 

The streamlined approach aims to eliminate bureaucratic obstacles, enhancing the ease of conducting business activities in the province.

Ongchuan stressed the importance of collaboration in driving economic expansion and attracting investments. 

The MOA represents a significant stride towards transparency, efficiency, and reduced bureaucracy in business operations within Northern Samar, fostering opportunities for sustainable growth and development.

"The signing of this Memorandum of Agreement heralds a new era of cooperation in Northern Samar, where the Provincial Green Lane initiative will pave the way for a more conducive investment environment," Ongchuan said.

Inspired by President Ferdinand R. Marcos Jr.'s Executive Order No. 18 constituting green lanes for strategic investments, the initiative reflects the province's commitment to enhancing its economic landscape through both domestic and foreign investments.

Director Ernesto Delos Reyes Jr. of the Board of Investments (BOI), who witnessed the MOA signing, commended the province for its unified approach, underscoring the significance of cultivating relationships with investors.

By centralizing business processing and licensing through the NS-OSACSI, Northern Samar aims to efficiently facilitate permit and license issuance, showcasing a collective dedication to economic revitalization.

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