Metro Manila (CNN Philippines, November 29)— President Ferdinand “Bongbong” Marcos Jr. is set to sign an executive order (EO) that would promote ease of doing business in the Philippines, Malacañang said on Tuesday.
The EO aims to make the country “competitive with other Southeast Asian nations in terms of attracting Foreign Direct Investments (FDI),” the Palace said in a statement.
The order, in particular, will direct concerned agencies to create a “green lane” that will expedite and streamline the process for the issuance of permits and licenses, among others.
“Malaking bagay ‘yun. That will address immediately ‘yung tinatawag na ease of doing business na laging nirereklamo sa atin,” Marcos, as quoted by Malacañang, told Trade officials during their recent meeting.
[Translation: That’s a big deal. That will address immediately the complaints on ease of doing business.]
The proposed EO will cover national government agencies, local government units, and other organizations involved in the issuance of documents “necessary for establishing strategic investments in the country.”
The bodies will be tasked to act on an application not longer than three working days for simple transactions, seven working days for complex transactions, and 20 working days for highly technical transactions.
“Non-compliance with the EO’s provisions will be a ground for administrative and disciplinary sanctions against any erring public officer or employee, as provided under existing laws and regulations,” the Palace stressed.
Latest data from the Bangko Sentral ng Pilipinas showed net FDI inflows to the Philippines plunged 64% to $460 million in July, the lowest in 14 months.
