President Ferdinand Marcos Jr. led the launch of Executive Order No. 18 at the Sofitel Hotel in Pasay City on Thursday, July 13, 2023. In his speech, Marcos described the executive order as a “huge leap forward” in reducing barriers to doing and growing business in the Philippines. The order, which was signed in February, aims to create strategic investment green lanes and improve the ease of doing business.
Marcos emphasized the need for reforms that not only attract more investments into the country but also create a business-friendly environment. He stated, “Today, we take a huge leap forward, ushering in a new era of efficiency and collaboration within and without.”
Trade Secretary Alfredo Pascual explained that the executive order aims to address issues with business registration, such as long lines for permits and applications. He clarified that the order intends to expedite, streamline, and automate government approval and registration processes for priority and strategic investments aligned with the Philippine Development Plan 2023-2028.
One of the key features of the executive order is the establishment of the One-Stop-Action-Center for Strategic Investments (OSAC-SI), which serves as a single-point entry for all projects qualifying as strategic investments. These strategic investments include highly desirable projects recommended by the Fiscal Incentives Review Board, foreign direct investments endorsed by the Inter-Agency Investment Promotion Coordinating Committee, and priority projects included in the Investment Priority Plan.
The Investments Promotion Unit-Network, consisting of 28 government agencies dedicated to promoting the ease of doing business, expressed their support and commitment to the new executive order.
Overall, the new executive order signifies a significant step forward in improving the business climate in the Philippines and attracting more investments.
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