As the country pursues P3.5-trillion worth of investment leads, the government launched yesterday the green lanes tfor strategic investments established through Executive Order No. 18 (EO 18) issued last February 23.
Meant to boost foreign direct investments , EO 18 calls for the simultaneous processing of applications where national government agencies (NGAs) and local government units (LGUs) that receive applications for permits and licenses under the timeframe set under the Ease of Doing Business Act that will significantly cut down the processing time for documents needed to start a business in the country to just 3 to 20 days.
Kicking off EO 18’s implementation is the launch of the dedicated Green Lane
Online Platform Services developed by the Department of Information and Communication Technology and the signing of a covenant of the members of the Investments Promotion Unit Network, a network of investment promotion agencies (IPAs) and government agencies that are involved in the setting-up of businesses in the country.
These include among others, the Securities and Exchange Commission, Department of Environment and Natural Resources-Environment Management Bureau and Department of Health-Food and Drug Administration.
The Department of Trade and Industry (DTI) will soon establish a One-Stop-Action-Center for Strategic Investments (OSAC-SI), which shall serve as the single point of entry for all projects qualified as strategic investments. OSAC-SI is mandated to identify and designate an investment as strategic Investment and endorse the same to concerned NGAs, LGUs, and/or quasi-judicial bodies for processing of permits and licenses.
During the event, SunAsia Energy, Inc., which was awarded the first EO 18 Certificate of Endorsement, designating its 1,300MW floating solar project in Laguna Lake as a strategic investment, also expressed their commitment to provide clean, affordable, and sustainable energy source in the Philippines.
President Marcos, who graced the launch, said the creation of green lanes “ will pave the way for the realization of many pledges that we have had, including those that I have personally received whilst abroad, ensuring that they will bear fruit for our people and our nation,” Marcos said.
He was referring to the P3.5 trillion worth of investment leads from various countries that include Singapore, Indonesia, Japan, China, Thailand, the US and Europe. (With Raymond Africa)
