MANILA - The Senate is pushing for an anti-red tape law to make doing business in the Philippines easier and lure more foreign investors, a lawmaker said Tuesday.
Senate Bill 1311 or the Expanded Anti Red Tape Act of 201, prescribes the maximum number of days for the processing and issuance of permits, licenses and clearances, said Senator Juan Miguel Zubiri, chairman of the Senate committee on trade, commerce and industry.
Processing time will be capped at 3 working days for simple transactions, 7 days for complex transactions, and up to 20 days for highly technical transactions, according to the proposal.
Extensions may be granted once for the same number of days. An application is deemed approved if a government agency fails to act on it within the prescribed processing time.
The European Union-Philippines Business Network identified agriculture, energy and renewable energy, food and beverage, ICT, tourism, and transport infrastructure as priority areas for investments.
The group said it supports a Free Trade Agreement that between Manila and the international bloc.
In a speech read by Foreign Affairs Assistant Secretary Frank Cimafranca, Secretary Alan Peter Cayetano thanked the EU's support for ASEAN integration.