#MINDANAO
Recent news of green lane investments exceeding the ₱2 trillion mark bodes well for investment promotion efforts in the Philippine economy. In a Manila Bulletin article, the One Stop Action Center for Strategic Investments reported 74 investments reaching ₱2.32 trillion as of June 20, 2024. Of these, 65 are in the renewable energy sector, making more than half of the total investments. (https://mb.com.ph/2024/6/20/green-lane-certified-investments-surpass-p2-trilion-mark) The green lanes under Executive Order No. 18 provide for fast lanes for approval of investments, bringing together many agencies involved in approving investments under one umbrella.
We need investments to grow our economy. As our population grows, the desire we have for us and our children is to find local job and income opportunities to lead sustainable, fulfilling lives both for today and the future. These investments create jobs and opportunities for them. This will depend, therefore, on how well we attract the investments that generate these jobs they will be trained to do today. Investments also create enterprises that bring new technology to add value to the raw materials we produce, creating wealth for the economy.
Likewise, we have always been concerned about how much foreign direct investment enters the country. We often end up comparing ourselves to our neighbors. Of course, each country has its own comparative and competitive advantages, as does each province or region relative to one another. Thus, to think or believe that all regions have the same potential to attract the same type and value of investments may not be an accurate thought. Nonetheless, efforts to promote our cities and provinces as viable investment destinations will therefore depend on assessing our investment potentials so that we can promote these to the right economic sectors in line with our own growth plans.
One way to address this need is to promote and harness investments in our areas. This sets our efforts to not only invite investors but also work towards helping get the investments and begin operations. Inviting and shepherding the investment will require a collaborative effort until full commercial operation. Towards this, a “whole-of-community approach” brings together relevant government and private sector partners to collaborate toward creating the conditions to enable the investments to break ground and begin operations. Incentives and other programs to assist investors can be put in place along with national government incentives such as the green lanes of EO 18.
Apart from the fiscal and related incentives from the government, private sector entities such as business, civic and professional groups and local chambers of commerce can assist the prospective investor in terms of referrals for reputable and outstanding service providers and suppliers, suitable property, and the hiring of residents. These efforts are the human side of investing that can see through the fruition of the investment for the benefit of the local economy.
The same groups can also organize alternative dispute resolution mechanisms that can encourage dialogue and avoid costly litigation when business conflicts arise. This gives confidence to the investors and the receiving community that issues can be resolved.
Investments bring and create opportunities for a bigger part of the local populace. Collaborating to bring investments in will be vital to unleash our potential and promote the growth of our local economies.