President Ferdinand Marcos Jr. on Thursday said Executive Order 18 will transform the Philippines into an "attractive and competent" investment hub, noting no country ever got wealthy by following a protectionist policy.
"We envision a future where the Philippines becomes an attractive and competitive hub for business ventures, where enterprises flourish and thrive, and where opportunities await every investor for every Filipino," the President said in his speech.
"We aim to achieve this through various measures that include government agencies establishing the Green Lane services for the permitting and the licensing of Strategic Investments," he added.
The President lamented that the requirements to invest in the Philippines are more demanding than its regional neighbors, adding that reforms to create an environment that is conducive to business growth and development are "long overdue." Trade Secretary Alfredo Pascual vowed to resolve business registration issues.
"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," Pascual said, noting one of the EO's features is the creation of the One-Stop-Action-Center for Strategic Investments, a single-point entry for all projects that qualify as strategic investments.
Pascual announced that SunAsia Energy is the first Philippine investor with a certificate of endorsement for green lanes.
SunAsia Energy, a leading developer of clean and renewable solar energy in the Philippines, will set up a floating solar panel on Laguna Lake to produce 1,300 megawatts of power.
Source: Manila Times