A total of 38 government agencies signed a joint memorandum circular (JMC) on Monday, institutionalizing the Investment Facilitation Network (INFA-Net) that will address investors’ concerns on ease of doing business in the country.
During the JMC signing in Makati City, Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque said this initiative is aligned with President Ferdinand R. Marcos Jr.’s vision of streamlining regulatory processes and cut red tape.
“It reflects our shared commitment to break down barriers, reduce red tape, and send a strong message that we are open for business. As we align with President Ferdinand Marcos Jr.’s vision of Bagong Pilipinas, we are building a more agile, investor-focused government that acts in unison to deliver sustainable, inclusive economic growth,” Roque said.
The JMC will provide an integrated system to assist investors in obtaining necessary information from all national government agencies (NGAs) and local government units (LGUs), as well as guiding investors in obtaining permits, licenses, certifications or authorizations to operate in the country.
It also directed NGAs and LGUs to set up their own “Green Lane”, where strategic investments endorsed by the One-Stop Action for Strategic Investments (OSAC-SI) under the Board of Investments (BOI) will be processed.
It adopted the “3-7-20 rule” of the Ease of Doing Business Law. Complete applications considered as simple transaction shall be acted on within three working days, seven working days for complex transactions, and 20 days for highly technical transactions.
BOI Director Ernesto delos Reyes said the JMC can even fast track the “3-7-20 rule”, in which permit and license applications can be approved in less than three, seven, or 20 days.
Office of the Special Assistant to the President for Investments and Economic Affairs Secretary Frederick Go said the INFA-Net reflects the Marcos administration’s commitment to improve predictability of regulations and enhance the investment climate in the Philippines.
“From day one, the administration of President Bongbong Marcos has been putting in place bold and sweeping reforms to position the Philippines as an attractive investment destination in Southeast Asia to be able to provide thousands, if not millions, of jobs to our fellow countrymen,” Go said.
He added this reform shows that the Philippines is ready to be the next “economic superstar” in Southeast Asia.
Both Go and Roque said the INFA-Net will help the government to surpass the investment approvals of investment promotion agencies (IPAs) in 2024.
Go said IPAs approved PHP1.9 trillion investments last year.
He admitted that coming from a high base, it will be challenging for the country to exceed that level amid ongoing uncertainties in both internal and external markets.
On the other hand, BOI alone is eyeing to hit PHP1.75 trillion in investment approvals at end-2025.
“Based on our strategies, we’re hoping for that (PHP1.75 trillion approvals)… We just have to make sure that we get it done. We’re really making sure that it’s a whole-of-government approach, and all agencies or all departments are already aware that we need to work together to at least achieve the goal of making anti-red tape. And to make it quickly for anyone who wants to get into business, to get moving,” Roque said. (PNA)
