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Department of Trade Industry Secretary Alfredo E. Pascual (left) greets Interior and Local Government Secretary Benjamin ‘Benhur’ Abalos (right), as President Ferdinand Marcos Jr. looks on, at the launching of the Green Lanes for Strategic Investments held at the Sofitel Philippine Plaza grand ballroom in Pasay City on July 13, 2023. (Courtesy of ABS-CBN News) |
Manila, Philippines—In a significant move aimed at boosting economic growth and streamlining bureaucratic processes, the Philippine government, through the Office of the President, has established "Green Lanes" for strategic investments. Mandated by Executive Order (EO) No. 18, signed on February 23, 2023, this directive is designed to drastically speed up permit and approval processes, effectively cutting down on red tape that has long been a challenge for investors.
The "Green Lane" policy centralizes and expedites the issuance of permits, licenses, clearances, and certifications for projects deemed strategic investments. This includes those that are capital-intensive, create significant employment opportunities, introduce new technology, or contribute to national development goals. The Department of Trade and Industry (DTI) and other concerned agencies are tasked with ensuring the seamless implementation of this order.
The move is a clear signal from the national government of its commitment to improving the ease of doing business in the Philippines and attracting more foreign and local investments. By providing a dedicated, fast-tracked pathway, the government aims to reduce the time and cost associated with project approvals, which have historically been a deterrent for some potential investors.
While the primary directive came in early 2023, its ongoing implementation continues to be a focus for various government agencies. Businesses, particularly those eyeing large-scale or innovative projects, are encouraged to familiarize themselves with the criteria for qualifying for "Green Lane" treatment.
"This Executive Order aims to create a more efficient and investment-friendly environment," a representative from the National Government noted at the time of its signing, emphasizing the critical role of speed and predictability in attracting capital. "By removing unnecessary hurdles, we can unleash the full potential of strategic investments to generate jobs and drive inclusive growth across the country."
The establishment of these "Green Lanes" is expected to enhance the Philippines' competitiveness as an investment destination, fostering a more dynamic and responsive regulatory landscape for both new and existing businesses.
