MANILA — President Rodrigo Duterte has approved a law that gives him special powers to fast-track the issuance of permits, licenses and certifications in times of national emergency like the COVID-19 pandemic.

Republic Act 11571 allows the President during national emergencies to "accelerate and streamline regulatory processes," and "suspend or waive the requirements" for permits, licenses and certifications or authorizations.

No specific industry will be favored over others through this law, Speaker Lord Allan Velasco earlier said.

"It applies to all businesses…Not a specific industry," Velasco told ANC"s Headstart in October. "It just gives the President power to fast track issuance of permits and licenses for businesses who are applying for them."

In the interview, Velasco was also asked about his relationship with tycoons Ramon Ang and Enrique Razon.

Ang, 8th richest tycoon according to a Forbes list this year, was Velasco's wedding sponsor. Velasco also revealed that he recently had a "friendly conversation" with Razon, a shipping magnate whose fortune landed him in the 3rd spot in the same list.

• PH tycoons' fortunes fall as pandemic disrupts businesses, Sy siblings richest: Forbes

Velasco said he is friends with other tycoons, as well.

Asked if these ties are important in the landscape of the House, Velasco said: "Yes, definitely mainly because I would ask their guidance in terms of where we’re going to push the country economically."

Watch more in iWantv or TFC.tv