Philippines aims to attract strategic investments with one-stop shop and green lanes
The Philippines government has approved the 2022 Strategic Investment Priority Plan (SIPP) to extend and expand tax incentives for a wide range of industries that are critical to the country's development¹. The SIPP covers sectors such as artificial intelligence, high technical manufacturing, renewable energy, and health care.
To facilitate and expedite the entry of strategic investments in these sectors, the Department of Trade and Industry-Board of Investments (DTI-BOI) will establish a one-stop shop within six months from the date of issuance of Executive Order No. 61⁴, which approved the SIPP on May 24, 2022.
The one-stop shop will serve as a single point of entry for strategic investments in applying for permits and licenses from various national and local government agencies, as well as quasi-judicial bodies. The DTI-BOI will also identify which projects are considered strategic investments based on certain criteria⁴.
Moreover, green lanes will be set up in and integrated with the one-stop shops under Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 and Republic Act No. 11234 or the Energy Virtual One-Stop Shop (EVOSS) Act of 2018⁴. These green lanes will expedite and streamline permitting processes for DTI-BOI-endorsed strategic investments.
The processing time for applications under the green lanes will follow RA 11032: three days for simple transactions, seven days for complex transactions, and 20 days for highly technical transactions. The processing time may be extended only once for the same period. Applications with complete submissions and fully paid fees but unacted within the processing time will be automatically approved⁴.
In addition, national and local government agencies will allow electronic submissions and payments for applications under the green lanes. The DTI-BOI will also endorse cases of refusal to issue permits or licenses within the processing time to the Anti-Red Tape Authority (ARTA) for appropriate action.
The SIPP is expected to boost economic recovery from COVID-19 pandemic by attracting more foreign direct investments (FDIs) and creating more jobs in key industries. According to DTI Secretary Ramon Lopez, "the SIPP is a game-changer that will make our investment climate more competitive".
Source: 28/02/2023(1) The Philippines’ 2022 Strategic Investment Priority Plan.
https://www.aseanbriefing.com/news/the-philippines-2022-strategic-investment-priority-plan/ Accessed 28/02/2023.
(2) Memorandum Order No. 61 s. 2022 | GOVPH - Official Gazette of the ....
https://www.officialgazette.gov.ph/2022/05/24/memorandum-order-no-61-s-2022/ Accessed 28/02/2023.
(3) The Philippines’ 2022 Strategic Investment Priority Plan.
https://www.aseanbriefing.com/news/the-philippines-2022-strategic-investment-priority-plan/ Accessed 28/02/2023.
(4) Board of Investments | Board of Investments Philippines.
https://boi.gov.ph/strategic-investment-priority-plan/ Accessed 28/02/2023.
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