14 PRIORITY BILLS NEEDED FOR ECONOMIC RECOVERY
THE Legislative-Executive Development Advisory Council (Ledac) has identified 14 priority Bills, including urgent economic measures that it wants to Be legislated and enacted into law Before the 2022 national elections period starts.
“A few days ago, the Ledac had a meeting and we agreed on a menu of measures that have to be passed before the election period begins sometime in March of next year,” Finance Secretary Carlos Dominguez 3rd said at The Manila Times Economic Forum 2021 held on Friday.
Dominguez said the Ledac came up with a list of about 14 proposed legislative measures, including the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery or the Guide Bill, and amendments to the Foreign Investment Act, the Public Service Act and the Retail Trade Liberalization Act.
In his presentation at The Times forum, the finance chief explained the Guide Bill aims to help the
national government save strategically important businesses by aiding them to address their solvency issues.
Meanwhile, the amendments to the Foreign Investment Act, the Public Service Act and the Retail Trade Liberalization Act will complement the Philippines’ participation in the Regional Comprehensive Economic Partnership, he said.
Dominguez added the pending measures “are immediately doable to attract more foreign direct investments and help ensure the long-term recovery of our economy.”
The other priority measures, he said, will be announced by the Office of the President, the Senate and the House of Representatives.
“Let me just assure you, and the public that this administration is going to work until the last minute of its mandate. Okay. And we will push our colleagues in the legislature to do the same,” he emphasized.
Structural reforms
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, meanwhile, said the central bank would continue to push for “structural reforms,” such as the lifting of bank secrecy law, amendments to the agri-agra law and the financial consumer protection bill.
Diokno said the bank secrecy bill would give authority to the BSP to look into bank deposit information under specified circumstances. It would allow the regulator to more effectively fulfill its mandate and have a more holistic bank examination.
On the other hand, the agri-agra bill would strengthen rural development by providing a holistic approach that considers the broader agricultural financing ecosystem and community requirements. It addresses the challenges faced by the agricultural sector in obtaining access to financing, he highlighted.
Lastly, the central bank chief said the financial consumer protection bill sets a clear legal mandate and a comprehensive financial consumer protection framework. Financial inclusion, financial education, good governance, and effective supervision all come into play in this measure.
The Manila Times Business Forum, “Rising from the ashes: From pan-Asian to pan-Global,” was co-presented by InfiniVan.
Gold sponsors include BDO Unibank Inc., Megaworld Corp., PLDT Inc., Smart Communications, Pilipinas Shell and SM Investments Corp. Bronze sponsors are Hilton Manila, Huawei, Maybank Philippines, United Laboratories Inc. and Philippine Veterans Bank.
The Manila Times also acknowledges its special partner, the Philippine Amusement and Gaming Corp., and its media partner, TMT TV.