MANILA — President Ferdinand Marcos Jr. will sign an order that would promote ease of doing business in the Philippines, Malacañang said on Tuesday.

The executive order aims to make the economy "competitive with other Southeast Asian nations in terms of attracting Foreign Direct Investments (FDI),” said the Palace.

“The EO will mandate concerned offices to establish a Green Lane to expedite and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments,” it added.

The proposed EO will cover all national government agencies and their regional and provincial offices, local government units, and quasi-judicial bodies involved in issuing permits and licenses necessary for establishing strategic investments in the country.

Marcos described the move as important.

“That will address immediately ‘yung tinatawag na ease of doing business na laging nirereklamo sa atin," he said.

(That will immediately address concerns about ease of doing business that has always been the complaint about us.)

The Philippines has enjoyed an uptick in FDIs in 2022. Last May, net inflows from FDIs reached $742 million, up 64.1 percent compared to the same month in 2021.

From January to May, FDI net inflows rose by 18.8 percent to $4.2 billion from the $3.5 billion net inflows posted in the same period last year, the Bangko Sentral ng Pilipinas said.

• FDI net inflows hit $742 million in May, up by 64 percent

More details to follow.

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