OSAPIEA chief bares economic reform initiatives at CREBA meet
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 Secretary Frederick Go told real estate industry players during the induction of the new set of officers of the Chamber of Real Estate and Builders’ Associations held recently.
Go said that in 2023, the Philippines posted a 5.6-percent growth in gross domestic product – the highest among all the Asian countries. He cited the contributions made by key landmark legislation enacted during the Marcos administration, such as amendments to the Trade Liberalization Act, Foreign Investments Act and the Public Service Act; Republic Act 11966 or the new Public-Private Partnership Code; and Republic Act 11976 or the Ease of Paying Taxes Act.
Go also underscored the roll-out of the Green Lanes for Strategic Investments under Executive Order 18 designed to institute faster, more efficient approval processes and easier investment registration through a one-stop shop for investors which has resulted in 23 certified projects with a total cost of P500 billion.
Meanwhile, EO 32 streamlined permitting process for telecommunications and internet infrastructure 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 proposed CREATE MORE Act under 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.
CREBA will be led by Jerry Navarrete, national chairman and Noel “Toti” Cariño, national president for the years 2024 to 2026.