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President Ferdinand Marcos Jr. leads the launch of Government Order No. 18 in Sofitel Resort, Pasay Metropolis on Thursday, July 13, 2023. | PHOTO: INQUIRER.web/Jean Mangaluz
MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday described a brand new govt order that goals to cut back obstacles to doing and rising enterprise within the Philippines a “enormous leap ahead.”
Marcos on Thursday launched and signed EO No. 18, which created strategic funding inexperienced lanes. He issued the order in February to ease doing enterprise within the Philippines.
“It’s lengthy overdue to have reforms that won’t solely entice extra investments into the nation however may even create an surroundings conducive to enterprise development and improvement. So right now, we take an enormous leap ahead, ushering in a brand new period of effectivity and collaboration inside and with out,” mentioned Marcos.
The President famous that nations in Southeast Asia have sooner and easier programs in place.
In accordance with Commerce Secretary Alfredo Pascual, the EO goals to resolve enterprise registration points like lengthy strains for permits and purposes.
“The EO is supposed to expedite, streamline, and automate authorities approval and registration processes for precedence investments or strategic investments. The strategic investments are these aligned with the Philippine Growth Plan 2023-2028,” mentioned Pascual.
One of many EO’s options is the creation of the One-Cease-Motion-Heart for Strategic Investments (OSAC-SI), a single-point entry for all tasks that qualify as strategic investments.
The DTI Board of Investments mentioned strategic investments embrace the next:
- Extremely fascinating tasks advisable by the Fiscal Incentives Evaluation Board to the Workplace of the President
- Overseas direct investments endorsed by the Inter-Company Funding Promotion Coordinating Committee
- Precedence tasks included within the Funding Precedence Plan
Members of the Investments Promotion Unit-Community, a community of 28 authorities companies designated to advertise the benefit of doing enterprise, pledged to uphold the brand new EO.
“We pledge to assist and collaborate with our partner-agencies on the packages, tasks and initiatives of the federal government towards the seamless realization of strategic investments,” mentioned the covenant.
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/abc
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