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Thursday, April 25, 2024

DTI and BOI set to establish one-stop-action center for strategic investments

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The Department of Trade and Industry and the Board of Investments are set to establish a one-stop-action-center to serve as a single point entry for all projects classified under strategic investments.

This is in line with Executive Order No. 18 or the measure creating green lanes for strategic investments. As part of the government’s digitalization efforts, the order requires all concerned government agencies to enable electronic submission of application for and issuance of license, clearance, permit and certification including payments.

“This EO complements our efforts to facilitate a robust economic recovery and expansion. It promotes ease of doing business as national government agencies including its regional and provincial offices, as well as local government units, are now mandated to create green lanes that will fast track the process of securing necessary licenses and permits for strategic investments, it increases the attractiveness of our country as an investment destination” said DTI Secretary and BOI chairman Alfredo Pascual.

The EO, signed by Executive Secretary Lucas Bersamin on Feb. 23, 2023, is consistent with the Marcos administration’s 8-point socioeconomic agenda and serves as a crucial part of efforts to implement policy reforms to facilitate ease of doing business in the Philippines.

It covers all national government agencies and their regional and provincial offices, government-owned or controlled corporations, local government units and other government instrumentalities.

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Under the EO, strategic investments are classified into highly desirable projects, foreign direct investments and projects or activities under the Strategic Investment Priority Plan.

Strategic investments are those which are aligned with the Philippine Development Plan and are expected to contribute significantly to Philippine economy by bringing significant capital or investments, contributing to the country’s balance of payments and improving the country’s infrastructure capabilities.

The BOI is tasked to produce and regularly update a manual or guidebook for investors, which will contain the list of government requirements for the establishment of strategic investments per sector. The Department of Budget and Management will assist the BOI to operationalize the one-stop-action-center for strategic investments.

Green lanes are in charge of expediting or fast-tracking the processes involved in the issuance of licenses, permits and other certifications for strategic investments endorsed by OSAC-SI. These will be integrated and should not be duplicative of the existing one-stop-shops or one-stop action centers.

The EO also sets a timeline for the processing of documents. NGAs and LGUs are ordered to act on applications not longer than three working days for simple transactions, seven working days for complex transactions and 20 working days for highly-technical transactions from the date of the receipt of application.

The prescribed maximum processing period may be extended only once for the same number of days if it is indicated in the Citizen’s Charter.

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