Manila: The House Ways and Means Committee has given its nod to a legislative measure designed to streamline government procedures for strategic, high-impact investments, thereby improving the ease of conducting business in the Philippines. Bukidnon 1st District Representative Jose Manuel Alba expressed approval for the committee’s endorsement of House Bill (HB) 8039, which aims to institutionalize Executive Order No. 18. This order established a system of green lanes across governmental offices to expedite the approval processes for strategic investments.

According to Philippines News Agency, the proposed Green Lane for Strategic Investments legislation is in alignment with the governmental objective of positioning the Philippines as a premier destination for investments. Representative Alba emphasized that the enactment of HB 8039, also known as the ‘Green Lanes for Strategic Investments Act,’ would accelerate the country’s efforts to promote business-friendly practices and attract increased foreign invest
ments.

House Bill 8039 proposes the creation of a one-stop action center within the Department of Trade and Industry (DTI) to manage applications for projects deemed strategic investments. These strategic investments are defined by the bill to include foreign direct investments and projects listed under the Strategic Investment Priority Plan.

The measure requires national and local government agencies to establish “green lanes” within their premises to facilitate the processing of permits and licenses associated with such strategic investments. The proposed framework introduces specific timelines for the processing of applications: a maximum of three working days for simple transactions, seven working days for complex ones, and up to 20 working days for highly technical transactions.

The bill also stipulates the mandatory electronic submission of applications. Representative Alba highlighted that, if passed into law, the measure is expected to enhance the nation’s competitive edge by minimizing bureaucrati
c hurdles, consistent with the Ease of Doing Business Act of 2018.

Ernesto Delos Reyes Jr., Director of the Board of Investments, remarked on the significance of formalizing Executive Order 18 into law. He noted that this legislative development would establish a robust framework aimed at ensuring the efficient execution of highly desirable projects. The initiative promises to refine the investment assistance process, making it more adaptable to contemporary needs and opportunities. (with reports from Kris Crismundo/PNA)