Japanese investors have expressed their optimism about the Philippines’ economic outlook due to the promotion of liberalization and fair trade.
The Board of Investments (BOI) said this was expressed by attendees of the 10th Consultative Group meeting for the Philippines-Japan Economic Partnership Agreement (PJEPA) Sub-Committee on Improvement of the Business Environment held in Makati City on September.
In the same meeting, the BOI said representatives of these companies aired their issues and concerns on a number of things: value-added tax (VAT) refund system; tax incentives for special economic zones under the Corporate Recovery and Tax Incentives for Enterprises Act; streamlining the application process for the transfer of assets in an ecozone; Green Lane structure and operation; easing regulatory restrictions for the Philippine Contractors Accreditation Board, the Mactan-Cebu Airport Expansion Plan, and the export controls for the mining sector.
In response, the BOI committed to continue to provide updates and coordinate with relevant government agencies to expedite the resolution of these issues.
On the Green Lane, the BOI told the Japanese investors that the One-Stop-Action-Center for Strategic Investments (OSAC-SI) is now accepting applications for green lanes. Signed by President Ferdinand Marcos, Jr. this year, EO 18 designated the BOI as the which shall serve as the single point of entry for all projects that qualify as strategic investments.
