Growth…

Continued from A1 measure is the provision for simultaneous processing of applications, whereby n a tional Government Agencies ( n GAs) and Local Government Units (LGUs) that receive applications for permits and licenses are mandated to process the same, with the presumption that the relevant documents from other agencies have already been issued. The applicant firm shall execute an affidavit of undertaking that it has secured the relevant documents from specific n GAs or LGUs and that it shall submit the complete documentary requirements within 30 working days.

Businesses based in the country, he said, will also have access to a highly skilled and young Filipino workforce and its over 100 million population as potential clients.

Act this year. This year’s budget for TRIP projects is just slightly higher than the P17.09-billion allocated in 2022. Funding for tourism road projects account for less than 2 percent of the DPWH’s P893.12-billion budget this year.

Meanwhile, Frasco also said at the post-Sona briefing, “over 25 million Filipinos have benefited from tourism,” after domestic and international travelers spent some P1.87 trillion in the economy last year. There were 2.65 million foreign tourists who arrived last year and over 102 million domestic trips made by Filipinos the same year. “All of these translates to over 5.35 million jobs for Filipinos,” she added.

As of July 25, the Philippines received 3.1 million international travelers, almost 65 percent of the D o T ’s target of 4.8 million arrivals this year. The agency is also targetting to return to the prepandemic level of 122 million domestic trips this year.

FX from AABs and/or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of earnings that accrue on the registered investment.

Without such registration, the foreign investor can still repatriate capital and remit earnings on its investment but the FX will have to be sourced outside the banking system.

The establishment of green lanes is a move seen to address the barriers that hamper the entry of foreign direct investments. Andrea E. San Juan

“This [ideal demographic spot] translates to an immense potential to achieve breakthrough growth and greater productivity, higher savings rate and increased creativity,” Marcos said. Market access Co M PA n I e S w hich will invest in the country, will also be able to use it as a "strategic launch pad for their exports" due to its Regional Comprehensive e con omic Partnership (RC e P) membership and the e uropean Generalized Scheme of Preferences Plus (GSP+), according to the President.

RC e P is a free trade agreement of the Association of Southeast Asian (AS e A n ) together with China, Japan, South Korea, Australia and n e w Zealand, which cut tariffs on some goods traded among its signatories.

Meanwhile, the GSP+ removes the tariffs for numerous Filipino-made products, which are exported to the eU

“With the e uropean Union’s agreement with the Philippines or e U -GSP+ advantages, local manufacturers and investors enjoy zero tariff market access to the e U f or over 6,000 product lines,” Marcos said.

The country is currently pushing for the extension of its GSP+ with the e U, which is set to expire by the end of the year.

The President made no mention of the Maharlika Investment Fund (MIF), the country’s first sovereign investment fund in his speech before Malaysian business leaders.

Crucial investments

M A RC o S s aid he is determined to increase the country's foreign direct investments (FDI) from Malaysia, which currently stands at about US$108 million, to boost the country's manufacturing industry.