MANILA — President Ferdinand Marcos, Jr. has sought the help of the Department of Trade and Industry to address the challenges in the entry of investments to the Philippines, with an official saying it was time to set up green lanes for this.
“Malinaw po ang instruction ng Presidente – he wants an all-of-government approach in addressing the 'pain points' – iyong ano ba iyong challenges ng mga namumuhunan sa Pilipinas,” said Vichael Angelo Roaring, who currently leads the DTI’s Foreign Trade Service Corps.
Marcos earlier said he would sign an order that would promote ease of doing business in the Philippines to make the country competitive in Southeast Asia in terms of foreign direct investments (FDI).
This includes establishing a green lane for foreign investors, which Malacañang earlier said would “expedite and streamline the process and requirements for the issuance of permits and licenses.”
For his part, Board of Investments Director Ernesto Delos Angeles said this should be accompanied by a law, hoping that it could also regulate “consultants” who help the entry of these businesses in the country.
Delos Angeles said these consultants are not accredited by the government and that some of them may deliberately hold permits or licenses in favor of others.
“Dapat siguro panahon na magkaroon ng enabling law na may nagri-regulate ng mga sa consultancy pagpasok sa pagninegosyo; kasi mayroon tayo sa importation, mayroon tayo sa employment pero sa pagninegosyo—kaya minsan ang ranking natin bumababa,” he said during a media forum.
Local government units are also important in ushering new investment opportunities as some of the challenges usually start with them.
“Dito ang unang bottleneck eh ‘no, sa LGU. Kapag hindi po iyan binigyan ng permit o building permit, hindi po magkakaroon ng katuparan iyong mga negosyo… Minsan kasi may mga ordinansa o policy ang mga LGU na hindi align sa ginagawa ng national government agency,” he said.
The President aims to revive the manufacturing sector focused on green and innovative services, most especially in renewable energy, the Board of Investments said during the same forum. Philippines wants to promote mineral processing and attract battery manufacturers in the electric vehicle industry, too.
The current administration is seeking to create “green jobs” as well as upskill or reskill the workforce as “there is no silver bullet” to solving the country’s economic woes, Marcos earlier said.
The Philippine economy is seen to grow "around 7 percent" this year, he said during his participation at the World Economic Forum.