MANILA, July 13 (Xinhua) -- The Philippines on Thursday officially launched the "green lanes" to improve the country's investment climate and boost the flow of foreign direct investments into the country.
In February, Philippine President Ferdinand Romualdez Marcos issued an executive order creating green lanes in government offices to facilitate materializing investments.
"I am confident that the green lanes will pave the way for the realization of many pledges that we have had, including those that I have personally received while abroad, ensuring that they will bear fruit for our people and our nation," Marcos said at the launch.
Marcos said the executive order strengthens market competition and reduces barriers to investment.
The executive order mandates all government offices, including the local government units, to expedite the processes involved in issuing permits, licenses, and certifications required to implement investments.
The policy also directs the Board of Investments' one-stop action center as a single point of entry, further ensuring efficiency and ease of doing business in the country.
Marcos also highlighted the introduction of e-Invest, an online platform that expedites submitting and processing investment applications. This platform grants provisional permits to operate, allowing investors to commence operations while awaiting full approval.
The Department of Trade and Industry said that around 88 million U.S. dollars of investment pledges from Marcos' foreign trips are expected to materialize this year, generating 17,800 direct employment. ■
