THE Board of Investments (BoI) said the bill that will turn the “green lane” scheme for expediting approvals of strategic projects into a law will give the reforms continuity across administrations.
Ernesto C. Delos Reyes, director of the BoI Investment Assistance Service and One-Stop Action Center for Strategic Investments (OSACSI), said the agency welcomes the unanimous approval on Monday by the House Ways and Means Committee of House Bill (HB) 8039.
HB 8039, or the Green Lanes for Strategic Investments Act, seeks to institutionalize Executive Order (EO) No. 18, also known as “An Order Constituting Green Lanes for Strategic Investments.”
“The formal codification of Executive Order 18 into law will establish a framework aimed at ensuring that highly desirable projects can be effectively implemented without delay,” Mr. Delos Reyes said.
“This legislative action will enhance and transform the process of investment assistance, making it more responsive to current needs and opportunities,” he added.
Written by Representative Jose Manuel F. Alba, the bill outlines the streamlining of the project permit process to unlock strategic investments.
“The law also aims to promote transparency in transactions with the government and reduce red tape,” Mr. Alba said.
According to Mr. Delos Reyes, the OSACSI has certified 167 projects for green lane treatment, valued at P4.457 trillion.
Of the total, P1.638 billion represents foreign investments.
Renewable energy (RE) projects accounted for 136 of all green lane endorsements with a total project cost of P4.064 trillion.
The government allowed full foreign ownership in RE, which previously had been capped at 40%. — Justine Irish D. Tabile
