The House Committee on Trade and Industry has approved HB 8039, known as the Green Lane for Strategic Investments, made possible through Executive Order (EO) 18.

The proposed legislation aims to create a streamlined and efficient pathway for strategic investments, promoting economic growth and sustainability within the industry.

“The formal codification of Executive Order 18 into law will establish a framework to ensure that highly desirable projects can be effectively implemented without delay. This legislative action will enhance and transform the process of investment assistance, making it more responsive to current needs and opportunities,” said Board of Investments (BOI) assistance service director Ernie Delos Reyes.

The bill seeks to institutionalize Green Lanes for strategic investments, simplifying processes for investors and fostering a more business-friendly environment in the Philippines.

The “Green Lanes for Strategic Investments Act,” introduced by Rep. Jose Manuel Alba, aims to codify Executive Order No. 18.

This measure is expected to streamline and expedite the issuance of permits and licenses for high-impact investments, reduce bureaucratic hurdles, and bolster economic growth.

The One-Stop Action Center for Strategic Investments has certified 167 projects worth P4.45 trillion as of Nov. 30, 2024.

“The passage of HB8039 or “Green Lanes for Strategic Investments Act” will speed up the realization of our objective of promoting ease of doing business and attracting more foreign investments to the Philippines,” Alba said.