Meanwhile, headlining the event is Secretary Frederick Go of the Office of the Special Assistant for Investment and Economic Affairs (OSAPIEA). He presented the current administration’s programs and initiatives on making the Philippines a “destination of choice” for investors by prioritizing the promotion of EODB to achieve a promising business environment.
“[A]fter 11 months from the approval of EO 18, the Board of Investment has certified 23 projects with a total value of about P500 billion for Green Lane services, 16 of which are in the renewable energy space,” Secretary Go said, referring to the Executive Order mandating the creation of Green Lane units in all government offices that will expedite, streamline, and automate government processes for strategic investments.
He emphasized that cutting red tape in the government by shortening processing time, establishing fixed and clear guidelines, and simplifying procedures is key to creating a conducive and favorable business environment.
He also mentioned several programs and initiatives they have been working on to streamline processes and enhance government procedures, which included the signing of the new Private-Public Partnership (PPP) code into law that updates the 29-year-old Build, Operate, Transfer, or BOT Law. This aims to revitalize partnerships and encourage unsolicited joint ventures as a PPP modality.
He said this is critical to “promote the best ideas to come forward in a stronger collaboration between the public and private sectors for the delivery of high-quality and cost-effective projects.”
Adding to the initiatives was also the passing of the Ease of Paying Taxes Act, which modernizes and simplifies tax administration while strengthening taxpayers’ rights.
Some of the notable reforms introduced are: first, the classification of taxpayers into micro, small, medium, and large categories with a tax system responsive to their needs; second, the filing of returns and paying of taxes anywhere, either electronically or manually; third, the classification of VAT refunds into low, medium, and high-risk claims; and fourth, the 180-day limit for the BIR to process general refund claims.
He also laid out various plans to create a conducive environment for investments, such as prioritizing the review of Republic Act (RA) 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, and RA 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law; empowering investment promotion agencies; clarifying and simplifying VAT-related rules; and addressing issues in customs administration through pre-border inspection and digitalized invoicing, among others.
