THE Department of Finance (DoF) and various other government agencies have agreed to institutionalize the Investment Facilitation Network (INFA-Net) to expedite the investment approval process.
“The signing of this joint memorandum agreement is a strong signal that we are serious about cutting red tape, improving the ease of doing business, and making the Philippines a more attractive destination for investors,” Finance Secretary Ralph G. Recto said in a statement.
According to the DoF, the agreement, signed on June 2, involves 38 government agencies working to streamline the issuance of permits, licenses, certifications, or authorizations.
In 2023, the Philippines was ranked 95th out of 190 economies by the World Bank in terms of ease of doing business.
INFA-Net was chaired by the Department of Trade and Industry-Board of Investments, and co-chaired by the Anti-Red Tape Authority.
The joint memorandum operationalizes parts of Executive Order No. 18, which created the green lane system of processing permits for priority projects.
Mr. Recto said the expedited-permit initiative will complement the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act in attracting more investors.
“Our message is simple: we want you to invest here, and we will make it easier for you to do so,” he said.
The agreement is known as “Strengthening the Coordination Mechanism Between and Among the Investments Facilitation Network Members and Integration of the Provisions of Executive Order No. 18, series of 2023.” — Aubrey Rose A. Inosante