President Ferdinand “Bongbong” R. Marcos Jr. is set to sign a new Executive Order (EO) creating a “green lane” for priority investments identified by the Department of Trade and Industry (DTI).
DTI officials on Tuesday presented a draft of the EO during their meeting with the President in Malacañang, which is expected to boost the competitiveness of the country as an investment destination in Southeast Asia.
Marcos welcomed the proposed issuance, which he said, could help remove unnecessary or obsolete procedures and requirements for businesses in setting up their operations in the country.
“That will immediately address what we call ease of doing business, which [businesses] usually complain about,” said the President in Filipino during his meeting with DTI officials.
In a news statement, the Office of the Press Secretary (OPS) said under the draft EO, concerned national government agencies (NGA) and local government units (LGU) will put up a Green Lane for “strategic investments” identified by DTI.
These will include projects of national significance, highly desirable projects and foreign direct investments, which are endorsed by the Fiscal Incentives Review Board (FIRB), Inter-Agency Investments Promotion Coordination Committee (IAIPCC), Board of Investments (BOI) of the concerned Investment Promotion Agencies (IPAs), or contained in the Strategic Investment Priority Plan (SIPP).
Under the said green lanes, concerned government offices must act on a permit or license application not longer than three working days in the case of a simple transaction, seven working days in the case of complex transactions, and 20 working days for highly technical transactions from the date of receipt.
The prescribed processing time is also similar to what is stipulated under the Republic Act No. 11032 of the Ease of Doing Business and Efficient Government Service Delivery Act, which is already being implemented by the Anti-Red Tape Authority (ARTA).
However, in the case of the EO, the green lanes would be enforced by DTI’s Board of Investments (BOI).
“Non-compliance with the EO’s provisions will be a ground for administrative and disciplinary sanctions against any erring public officer or employee, as provided under existing laws and regulations,” the OPS statement read. -30-