‘Green lanes’ for foreign investments stepped up

MANILA, Philippines — The Green Lanes for Strategic Investments launched yesterday in Pasay City will enable the Philippines to “compete vigorously” with other countries and attract foreign direct investments, President Marcos said.

The “green lane” will take the burden of bureaucratic processes away from investors and pass it to green lane practitioners who will contact “counterparts in the other departments” and process documentary requirements.

“Instead of a potential investor having to do all the legwork to find the documentary requirements... there will be one avenue, one lane, one green lane... and we will take care of it from our end,” Marcos said Thursday.

Marcos admitted that requirements for investors who wished to do business in the country “put our systems in the shade,” as some permits are taking 36 months to complete while permits in Thailand, Indonesia and Vietnam take only three days to two weeks.

“The establishment of a foreign firm in our place, we have reduced it now from 80 days to 20 plus days. Still, we have ways to go,” Marcos said.

“Some investors give up (on the current system) and say this is not worth the trouble, there’s too much cost involved, the return on investment on this, the cost-benefit analysis on this has become untenable,” he added.

Executive Order No. 18 mandates government offices and local governments to fast-track processes and set up green lanes to expedite and streamline the issuance of permits and licenses for strategic investments.

Strategic investments include projects of national significance identified by the Department of Trade and Industry, highly desirable projects endorsed by the Fiscal Incentives Review Board, foreign direct investments endorsed by the Inter-Agency Investment Promotion Coordination Committee, and priority projects under the Strategic Investment Priority Plan. 

EO 18 complements landmark economic reforms made by Congress and amendments to the Public Service Act, the Foreign Investments Act and the Retail Trade Liberalization Law, Marcos said.

Marcos added that the Board of Investments partnered with 36 agencies to fast-track processes.

“I am confident that the 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,” he said.