President Ferdinand R. Marcos Jr. on Friday said government will establish a “green lane” to draw in more “strategic investments” from Japanese and other foreign businesses in the country.
“We are mandating involved government agencies to establish a green lane. The lane will streamline the processing of permits and licenses,” Marcos said
“This will also offer a single point of entry for strategic investments,” he added.
Under the scheme, a maximum of three working days will be imposed for simple transactions and 20 working days for highly technical transactions in line with the provisions of Republic Act No. 11032 or the Ease of Doing Business Law.
It is also expected to reduce transaction costs in aspects of doing business in the Philippines.
The green lane, the President said, will complement the government’s existing economic liberalization laws and strategic reforms, including the Retail Liberalization Act, the Public Services Act, the Foreign Investments Act, and the provisions of the Corporate Recovery and Tax Incentives for Enterprises Act.
35 Letters of Intent/Agreements
Marcos made the announcement during his speech for the signing of 35 Letters of Intent/Agreements with the Japanese government and businesses in Tokyo on Friday covering manufacturing, infrastructure development, energy, transportation, healthcare, renewable energy and business expansion.
Among the deals that were signed were for wiring harness manufacturing expansion project with Asti Corporation; a printer manufacturing expansion project with Brother Industries, Ltd.; a hotel construction project with DoubleDragon Corporation/IwataChizaki Inc.; and a factory expansion project with Japan Tobacco Inc.
Also included in the list are a new factory for automotive parts with Kurabe Industrial Co, Ltd.; energy, transportation, healthcare and afforestation projects with Marubeni Corporation; and automobile manufacturing expansion project and a commitment renewal to meet production targets with Mitsubishi Motors Corporation.
“It is our hope that companies such as yours will not only find the Philippines to be an attractive investment destination, we are designing our efforts to encourage you to stay and find our country to be a place where your businesses will thrive,” the President said addressing the representatives of the said firms in the signing ceremony.
The signing event was also witnessed by other members of the Philippine delegates, including former President Gloria Macapagal Arroyo, Senate President Juan Miguel F. Zubiri, House Speaker Ferdinand Martin G. Romualdez, Special Assistant to the President Secretary Antonio Ernesto F. Lagdameo, Trade Secretary Alfredo E. Pascual, and Finance Secretary Benjamin E. Diokno.
A total of 114 businessmen joined the Philippine delegation, which accompanied Marcos in his ongoing official visit in Japan that will end on Sunday.
The President said he hopes their trip to Japan will allow local businesses to adopt the best practices from their Japanese counterparts.
“On top of forging new connections in business, our delegates are also here on a mission to listen, to observe, to learn and then act on opportunities and new knowledge,” Marcos said during the high-power luncheon and networking event organized by Japanese business organizations.