THE House ways and means committee on Monday approved a measure for the codification of an executive order (EO) that created the Green Lane for Strategic Investments.
Ernesto Delos Reyes Jr., director of the Investments Assistance Service of the Board of Investments (BOI) said institutionalizing the EO by enacting it into law will boost the confidence of investors knowing there is a government agency which will handhold their projects, ensuring these are implemented without delay.
Delos Reyes said BOI will seek to make the measure a priority bill and be enacted into law within the Marcos administration.
“The codification of EO 18 Green Lane for Strategic Investments under House Bill 8039 or `Green Lanes for Strategic Investments Act’ will speed up the realization of the country’s objective of promoting ease of doing business and attracting more foreign investments to the Philippines, “said Rep. Jose Manuel Alba who authored the measure.
Alba said making the EO a law will establish a framework aimed at ensuring that highly desirable projects can be effectively implemented without delay.
“This legislative action will enhance and transform the process of investment assistance, making it more responsive to current needs and opportunities,” Alba said.
Reyes reported since the creation of the Green Lane in February 2023, the government has approved 167 projects worth P4.47 trillion.
The Green Lane has facilitated 136 projects in renewable energy worth P4 trillion; six in digital infrastructure, P346 billion; 22 in food security, P14 billion and three in manufacturing, P32.54 billion. Strategic Investments are those which are aligned with the Philippine Development Plan or any similar national development plan; and can be characterized by the significant capital or investment to the country; consequential economic Impact; positive impact on the environment; significant contribution to the country’s balance of payments; with complex technical processes and engineering designs; and will bring about improvement in the country’s infrastructure capabilities.
