More people will be satisfied with incentives under Bayanihan 2
Investments seen to grow via Bayanihan 2
MANILA – Grants will be extended to private sector projects that will qualify for the grant of regulatory relief under certain provisions of Bayanihan To Recover as One Act or Bayanihan 2.
In a statement from the Department of Finance, it was learned a committee chaired by Finance Secretary Carlos G. Dominguez III and Environment and Natural Resources Secretary Roy A. Cimatu and Trade and Industry Secretary Ramon Lopez as members, will identify specific permits, licenses, certificates, clearances, consents, authorizations or resolutions that shall be waived in accordance with the Implementing Rules and Regulations of the Bayanihan 2.
The three cabinet secretaries signed the Implementing Rules and Regulations.
“The Committee will work towards achieving the goal of Bayanihan 2 to spur investments by speeding up the approval and implementation of private investments, stimulate economic activity and create jobs, so that our economy can recover from the effects of the COVID-19 pandemic, Finance Secretary Dominguez said.
He added while the panel has the power to grant regulatory relief and promote investments, there will be no blanket relief because the committee will carefully consider the over-all contribution of the projects and their impact on the general health and welfare of the public.
Secretary Lopez said the regulatory relief measures provided under the Bayanihan 2 will “fast-tract high-impact investments and help the country build back better and lead the post pandemic recovery.” This will also allow private projects to provide more employment opportunities for our fellow Filipinos that is critical at this time of the pandemic.
For his part, Secretary Cimatu said as permits, licenses, and other similar authorizations will be waived for private projects that meet the directives of the Act, “we will ensure that their proponents comply with all other laws pertinent to the implementation of these projects.” (Melo M. Acuña)