Makati City: A total of 38 government agencies have signed a joint memorandum circular (JMC) to institutionalize the Investment Facilitation Network (INFA-Net), aiming to enhance the ease of doing business in the Philippines. The signing took place in Makati City, marking a significant step towards addressing investors’ concerns and streamlining regulatory procedures.
According to Philippines News Agency, the initiative aligns with President Ferdinand R. Marcos Jr.’s vision of reducing bureaucratic hurdles and promoting a business-friendly environment. Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque emphasized the government’s commitment to breaking down barriers, highlighting that the initiative reflects a unified effort to foster sustainable economic growth.
The JMC establishes an integrated system to assist investors in obtaining necessary information and guidance from national government agencies (NGAs) and local government units (LGUs). It also directs NGAs and LGUs to implement a ‘Green Lane’ to process strategic investments endorsed by the One-Stop Action for Strategic Investments (OSAC-SI) under the Board of Investments (BOI).
The initiative adheres to the ‘3-7-20 rule’ of the Ease of Doing Business Law, which mandates that simple transactions be processed within three working days, complex transactions within seven, and highly technical transactions within 20 days. BOI Director Ernesto delos Reyes noted that the JMC could expedite this process even further.
Office of the Special Assistant to the President for Investments and Economic Affairs Secretary Frederick Go underscored the administration’s dedication to improving regulatory predictability and enhancing the investment climate. He remarked that the reforms aim to position the Philippines as a prime investment destination in Southeast Asia, ultimately generating significant employment opportunities.
Both Secretary Go and Secretary Roque expressed optimism that the INFA-Net would enable the government to surpass the investment approvals of investment promotion agencies (IPAs) in 2024. Last year, IPAs approved PHP1.9 trillion in investments, and despite market uncertainties, the BOI aims to achieve PHP1.75 trillion in investment approvals by the end of 2025.
Secretary Roque affirmed the government’s commitment to a collaborative approach, ensuring that all agencies work together to achieve the goal of reducing red tape and accelerating business operations for investors.
