The Board of Investments (BOI) seeks to align local government unit (LGU) policies to national investment priorities through the creation of a joint memorandum order (JMO).
BOI director for investment assistance service Ernesto delos Reyes Jr. said the initiative aims to streamline the green lane process, expedite approvals and efficiently attend to investor’s concerns.
“While LGUs have administrative guidance, it’s crucial to have a unified approach. That’s why we’re conducting information dissemination to educate LGUs about the green lane program,” he said.
By creating a joint memorandum circular with the LGUs, the BOI hopes to harmonize local and national regulations, ensuring a consistent and supportive environment for investors.
The agency plans to conduct regional education rounds in Luzon, Visayas and Mindanao to explain the benefits of the green lane program and address any concerns.
“We recognize that the upcoming local elections may bring changes in leadership and policies. Therefore, it’s crucial to establish a strong foundation for the green lane program that can withstand these transitions,” delos Reyes said.
The BOI’s goal is to sign the JMC with LGUs before the end of the year.
Meanwhile, the BOI unit is working on approving 90 green lane projects in the rest of 2024 and establishing a threshold for investments through the green lane.
