THE benefits to the country of House Bill 8039 or the Green Lane for Strategic Investments Act should make it a priority in the legislative agenda, following its recent approval by the House Committee on Trade and Industry, according to the Board of Investments (BOI).
The bill seeks to turn Executive Order (EO) 18 into law — simplifying and expediting the regulatory process for strategic investments in the Philippines.
“This will establish a framework aimed at ensuring that highly desirable projects can be effectively implemented without delay,” BOI investment assistance service director Ernesto de los Reyes said in a statement. “This legislative action will enhance and transform the process of investment assistance, making it more responsive to current needs and opportunities.”
In February 2023, President Ferdinand Marcos Jr. issued EO 18, a government-wide response to enhance ease of doing business through the creation of Green Lane units in all government offices to expedite, streamline and automate government processes for strategic investments.
As of November 30 this year, the One-Stop Action Center for Strategic Investments has passed through the Green Lane 167 projects worth P4.45 trillion.
If passed, the Green Lane Act will reduce red tape in the process for approving foreign investments for strategic projects.Aklan 1st District Rep. Jose Manuel Alba, the bill’s principal author, said: “The creation of the Green Lanes for Strategic Investments will contribute to the realization of the government’s goals of promoting ease of doing business and attracting more foreign investments to the Philippines.” Majority of approved strategic investments are in renewable energy with 136 projects valued at P4.06 trillion; digital infrastructure, P346.3 billion across six projects; 22 food security projects, P13.9 billion; and three manufacturing projects, P32.54 billion.
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