IMMEDIATE APPROVAL OF PENDING ECONOMIC BILLS PUSHED

The Joint Foreign Chambers of the Philippines (JFC) and exporter organizations in the country have urged lawmakers to pass pending economic bills, which they said could give a huge boost to the recovery of the economy from the pandemic.

The JFC, which represents over 3,000 member companies, said on Tuesday there were priority measures that were already in advanced stages in Congress, namely the Foreign Investment Act amendments, Public Service Act amendments, the Open Access to Data Transmission Act, and Retail Trade Liberalization Act amendments.

Boost to recovery efforts

“We again call on Congress to complete legislative approvals of these reforms, among others, including the Creative Industries Act and the e-Vehicle and Charging Stations Act,” said JFC and exporter groups in a joint statement.

The JFC represents foreign business interests, including those of American, European, and Japanese firms. The exporter groups that also approved the statement were IT and Business Process Association of the Philippines, Semiconductor and Electronics Industries in the Philippines Inc., and Confederation of Wearable Exporters of the Philippines.

They also cited the current move to ease the restrictive economic provisions in the Constitution. These, they said, would enable “Congress in the future to pass laws that would allow increased foreign investment in advertising, education, media and public utilities.”

“The passage of all of these reforms this year will substantially contribute to the country’s recovery from the pandemic and returning the Philippine economy to its high economic growth path,” they added.

Higher investments

The statement comes after President Duterte signed the CREATE measure into law. CREATE, or the Corporate Recovery and Tax Incentives for Enterprises Act, will cut corporate taxes across the board and rationalize tax breaks.

The groups commended the passage of the CREATE law, noting that this would complement other programs aimed at economic recovery.

“Going forward, we will increase our advocacies and programs to increase foreign investment in the Philippines and bilateral trade. We will continue our long-standing close work with government in its programs and reforms to improve country competitiveness by reducing the cost and ease of doing business,” they said.