Biz groups: Prioritize passing key bills
Credit to Author: ANNA LEAH E. GONZALES| Date: Tue, 30 Jul 2019 16:32:35 +0000
MORE than a dozen industry organizations and business chambers on Tuesday urged the 18th Congress to prioritize passing several key economic-reform measures to improve the Philippines’ competitiveness and attract more investors.
In a joint statement, the groups said the bills they would like to see passed include amendments to the Public Service, Foreign Investment and Retail Trade acts and the Build-Operate-Transfer and Bank Secrecy laws; the Apprenticeship Program Reform; the Freedom of Information Act; and the lifting of foreign-equity restrictions.
Other amendments they are also pushing for are those to the Philippine Econozine Zone Authority Act, the Agri-Agra law, the Philippine Contractors Accreditation Board, the Civil Aviation Authority of the Philippines Act and the Commonwealth Act 541.
They also want to see approved the remaining packages of the government’s Comprehensive Tax Reform Program (CTRP); Open Access in Data Transmission Act; Water Department Act; Farm Entrepreneurship Act; Holiday Rationalization Act; National Disaster Risk Reduction and Management Authority Act; National Land Use Act; National Traffic and Congestion Crisis Act; PhilPorts Act; Water Regulatory Commission Act; National Transportation Safety Board Act; and the Philippine Airports Authority Act.
Industry groups that signed the statement were Alyansa Agrikultura, Bankers Association of the Philippines, Foundation for Economic Freedom, Makati Business Club, Management Association of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc., and Semiconductor and Electronics Industries in the Philippines Foundation Inc.
The American Chamber of Commerce of the Philippines Inc., Australia-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines Inc., European Chamber of Commerce of the Philippines Inc., Japanese Chamber of Commerce and
Industry of the Philippines Inc., and Korean Chamber of Commerce of the Philippines Inc. also signed.
“These priorities are being submitted to the leadership of the [18th] Congress and President Rodrigo Duterte for their consideration and enactment to improve the Philippine economy and its international competitiveness and to increase investment and job creation,” the groups said.
“We believe these reforms will generate substantial impact in improving the country’s global competitiveness, increasing investment, and making economic growth more inclusive by creating more and better jobs,” they added.
The organizations noted, however, that while they support certain provisions in the CTRP’s second package, called the Tax Reform for Attracting Better and High-quality Opportunities (Trabaho) bill, lawmakers should carefully study its “other conditions.”
“We convey our support on key provisions of the Trabaho bill that are beneficial to our country’s economic growth, but urge policymakers to review the other conditions that may negatively impact our global competitiveness,” they said.
Trabaho seeks to lower corporate income taxes from 30 percent to 20 percent in 10 years. It, however, also pushes for the rationalization of incentives being enjoyed by firms operating in economic zones.
The groups also welcomed the presidential certification of three important bills amending the Public Service Act, the Retail Trade Liberalization Act and the Foreign Investment Act.