PBBM expects more foreign investments with newly launched green lanes

 BY ARGYLL CYRUS GEDUCOS

Jul 14, 2023 11:39 AM

  

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AT A GLANCE

• With the green lanes, Marcos sees the realization of the investment pledges he has obtained during his overseas trips since last year.

• Marcos says EO 18 enables the faster processing of the necessary documents for investors.

• Malacañang issued EO No. 18 on Feb. 23 as part of the continuing efforts to address the concerns of foreign investors and promote the Philippines as a top investment destination.

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President Ferdinand "Bongbong" Marcos Jr. is optimistic that the country would get more Foreign Direct Investments (FDIs)--which can boost the country's economy--with the launch of the so-called green lanes.

President Ferdinand 'Bongbong' Marcos Jr. (Ali Vicoy)

Marcos said this after he led the Green Lanes for Strategic Investments launch on Thursday, July 13.

In a tweet, the President said the green lanes, established under his Executive Order (EO) No. 18, would realize the investment pledges he has obtained during his overseas trips since last year. 

With EO No.18, Marcos said the government would see faster processing of the necessary documents for investors.

"Papabilisin natin ang mga transaksyon para sa mga nais magnegosyo at mamuhunan sa Pilipinas (We will speed up the transaction for those who want to start a business and invest in the Philippines)!" he said.

'Inaasahan nating maghihikayat pa ito ng higit na Foreign Direct Investments para sa dagdag na trabaho at mas matatag na ekonomiya ng ating bansa (We expect that this would entice more FDIs for additional jobs and our country's stronger economy)," he added.

In his speech during Thursday's launch of the green lanes, President Marcos said the Philippines could not compete with other countries if it continued lagging in bureaucratic red tape. 

He hinted that the Philippines could overcome this if it stopped hiding behind "protectionist laws".

Malacañang issued EO No. 18 on Feb. 23 as part of the continuing efforts to address the concerns of foreign investors and promote the Philippines as a top investment destination.

EO No.18 mandated the establishment of the One-Stop-Action-Center for Strategic Investments (OSAC-SI), which, according to the President, would lift the bureaucratic load off potential investors.