President Ferdinand Marcos Jr. leads the launch of Executive Order No. 18 in Sofitel Hotel, Pasay City on Thursday, July 13, 2023. | PHOTO: INQUIRER.net/Jean Mangaluz
MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday described a new executive order that aims to reduce barriers to doing and growing business in the Philippines a “huge leap forward.”
Marcos on Thursday launched and signed EO No. 18, which created strategic investment green lanes. He issued the order in February to ease doing business in the Philippines.
“It is long overdue to have reforms that will not only attract more investments into the country but will also create an environment conducive to business growth and development. So today, we take a huge leap forward, ushering in a new era of efficiency and collaboration within and without,” said Marcos.
The President noted that nations in Southeast Asia have faster and simpler systems in place.
According to Trade Secretary Alfredo Pascual, the EO aims to resolve business registration issues like long lines for permits and applications.
“The EO is meant to expedite, streamline, and automate government approval and registration processes for priority investments or strategic investments. The strategic investments are those aligned with the Philippine Development Plan 2023-2028,” said Pascual.
One of the EO’s features is the creation of the One-Stop-Action-Center for Strategic Investments (OSAC-SI), a single-point entry for all projects that qualify as strategic investments.
The DTI Board of Investments said strategic investments include the following:
- Highly desirable projects recommended by the Fiscal Incentives Review Board to the Office of the President
- Foreign direct investments endorsed by the Inter-Agency Investment Promotion Coordinating Committee
- Priority projects included in the Investment Priority Plan
Members of the Investments Promotion Unit-Network, a network of 28 government agencies designated to promote the ease of doing business, pledged to uphold the new EO.
“We pledge to support and collaborate with our partner-agencies on the programs, projects and initiatives of the government toward the seamless realization of strategic investments,” said the covenant.