MANILA – The House Ways and Means Committee has approved a measure that would expedite government processes for strategic, high-impact investments and further enhance the ease of doing business in the country.
In a statement on Tuesday, Bukidnon 1st District Rep. Jose Manuel Alba welcomed the approval of House Bill (HB) 8039, which seeks to institutionalize Executive Order No. 18, which established a green lane system at all government offices, expediting the approvals and permits for strategic investments.
Alba said the proposed Green Lane for Strategic Investments legislation aligns with the government’s goal of positioning the Philippines as a top investment destination.
“The passage of HB 8039 or ‘Green Lanes for Strategic Investments Act’ will speed up the realization of our objective of promoting ease of doing business and attracting more foreign investments to the Philippines,” Alba said.
HB 8039 seeks to establish a one-stop action center under the Department of Trade and Industry (DTI) to process applications for projects classified as strategic investments.
Strategic investments, according to the bill, include foreign direct investments and projects under the Strategic Investment Priority Plan.
Under the measure, national government agencies and local government units will designate “green lanes” within their offices to process applications for permits and licenses related to these strategic investments.
The proposed system includes timelines for actions on applications, which shall not be longer than three working days in the case of simple transactions, seven working days for complex transactions, and 20 working days for highly technical transactions.
The bill also mandates electronic submission of applications.
If enacted into law, Alba said the measure is expected to boost the country’s competitiveness by reducing bureaucratic red tape, in line with the Ease of Doing Business Act of 2018.
“The formal codification of Executive Order 18 into law will establish a framework aimed at ensuring that highly desirable projects can be effectively implemented without delay. This legislative action will enhance and transform the process of investment assistance, making it more responsive to current needs and opportunities,” Board of Investments Director Ernesto Delos Reyes Jr., for his part, said. (with reports from Kris Crismundo/PNA)