DOF, DEPDev, DILG ink joint investment facilitation accord

The Department of Finance, the Department of Economy, Planning, and Development, and the Department of the Interior and Local Government have formed an inter-agency partnership to streamline and harmonize investment facilitation efforts in the country.

In a statement on Wednesday, the Board of Investments said the three executive departments signed the Joint Memorandum Circular institutionalizing the Investment Facilitation Network (INFA-Net).

The JMC was signed by Finance Secretary Ralph Recto, Economic Planning Secretary Arsenio Balisacan, and Interior Secretary Juanito Victor Remulla.

The BOI said the inter-agency accord “operationalizes whole-of-government collaboration in facilitating investments” in line with  major policy directives, including Executive Order No. 18 on Green Lanes for Strategic Investments, EO No. 32 on streamlining permits for telecommunications and internet infrastructure, and EO No. 59 on streamlining permits for infrastructure flagship projects.

The JMC, likewise, reinforces the agencies’ collective commitment to simplify processes, strengthen coordination, and enhance support for strategic and high-impact investments in the Philippines, according to the investments promotion agency.

The BOI said the joint circular aligns with President Ferdinand “Bongbong” Marcos Jr.’s mandate on fostering a more agile, investor-focused government that acts in unison to deliver sustainable and inclusive economic growth. 

The agency said the accord reflects the government agencies’ shared commitment to break down barriers, reduce red tape, and to send a strong message that the Philippines is open for business. —AOL, GMA Integrated News