Congress urged to pass bills promoting global competitiveness

The Joint Foreign Chambers of Commerce of the Philippines has asked Congress to pass four pending bills that would promote global competitiveness and economic growth before the 13th Congress closes in June.

In an open letter to House Speaker Jose de Venecia and Senate President Manuel Villar, the association of foreign businessmen asked that the bills on the credit information system, amendment of the customs brokers act, national tourism policy and the renewable energy bills be passed.

“As the 13th Congress returns to its final session days in early June, we would like to urge you to pass several bills in advanced stages of the legislative process which investors see as vital for national competitiveness and economic growth and to create employment opportunities for larger numbers of Filipinos,” the letter dated May 28 stated.

The law on credit information system will create the first centralized credit bureau in the country to address the lack of reliable credit information for individual and corporate borrowers.

The bill, which was endorsed by the Bangko Sentral ng Pilipinas (BSP) and the Capital Market Development Council, will facilitate easier background checks for banks who would like to issue credit cards and loans to their clients.

A report on the credit information system has been approved by the bicameral committee and is pending ratification by both chambers.

The amendment on the Customs Brokers Act is said to be crucial in maintaining the country’s competitiveness and to comply partially with provisions of the Revised Kyoto Convention.

Under R.A. 9280 or the Customs Brokers Act of 2004, only the customs brokers may be allowed to transact with customs in behalf of importers and with regard to import/export declarations entered with customs.

House Bill 6063 and Senate Bill 2597, both approved in third and final reading, propose to amend Section 29 of R.A. 9280 by removing the prohibition on corporate practice of customs brokerage.

The foreign chambers said many larger exporters, especially the electronics sector which produces two-thirds of exports, engage in in-house brokerage to save money and time.

The third bill the foreign businessmen asked the legislative to pass is the National Tourism Policy which will create Tourism Philippines. This is a corporation which will consolidate the functions of the Philippine Convention and Visitors Corp. and the Philippine Tourism Authority.

The bill is expected to spur investments in new hotels, resorts and other tourism enterprises through fiscal incentives and governance to create world-class establishments.

The final one, the renewable energy bill is expected to promote the development, utilization and commercialization of renewable sources of energy. The bill likewise sets up a framework for the grant of fiscal and non-fiscal incentives to all renewable energy activities and creates the National Renewable Energy Board (NREB).

Also, the bill proposes to establish a Renewable Energy Trust Fund (RETF) to finance research, development, demonstration, and promotion of various renewable energy systems.

However, the Senate counterpart of the Renewable Energy Bill remains pending in plenary. “We urge the Senate to give high priority to the passage of the House bill without significant changes as we understand there is broad support for this bill,” the letter stated.