With the “whole of government approach” adopted by the administration of President Marcos in improving the business climate, “the Philippines is now open for business”, Special Assistant to the President for Investment and Economic Affairs Frederick D. Go told real estate industry players during the induction of the new set of officers of the Chamber of Real Estate and Builders’ Associations (CREBA) last Friday.
Go said that last year, the country posted a 5.6% growth in gross domestic product (GDP) – the highest among all the Asian countries.
Go cited the contributions made by key landmark legislation enacted during the Marcos administration, such as:
- Amendments to the Trade Liberalization Act (RA 11595)
- Amendments to the Foreign Investments Act (RA 11647)
- Amendments to the Public Service Act (RA 11659)
- New Public-Private Partnership Code (RA 11966)
- Ease of Paying Taxes (EOPT) Act (RA 11976)
Go also underscored major improvements undertaken by the administration, such as:
- Green Lanes for Strategic Investments (GLSI) under Executive Order (EO) No. 18 series of 2023, designed to institute faster, more efficient approval processes and easier investment registration through a one-stop shop for investors.
As of end of 2023, the GLSI has resulted in 23 certified projects with a total cost of P500 Billion, Go said.
- Streamlined permitting process for telecommunications and internet infrastructure under EO No. 32, designed to improve internet connectivity and access for Filipinos, create more jobs in the telecom and internet sectors, and ensure better service and pricing by improving competition among telecom providers.
Another key initiative, Go said, is the CREATE MORE Act under House Bill No. 9794, which the Lower House has recently passed.
Aimed to provide confidence in the implementation of policies and enhance approval processes, the proposed law addresses among others the restoration of the powers of investment promotion agencies, and the clarification and simplification of VAT-related rules, Go said.
Meanwhile, Go said, the administration has also embarked on major capital market reforms aimed at reducing friction costs, improving liquidity and enhancing the ease of doing business.
Of these reforms, Go reported completion of the following:
- Shortening of the settlement cycle
- Shortening of the IPO review timeline
- Simplifying IPO filing requirements
- Implementing short selling
Go also said that digitization of the national ID system is among his top priorities.
“The digital national ID is a foundational project which will simplify transaction across public and private sectors, avert fraudulent transactions and misrepresentations, and strengthen financial institutions,’ Go stressed.
