MANILA, Philippines - Local business groups and the Joint Foreign Chambers (JFC) are urging Congress and President Aquino to enact business and economic reform laws at a faster pace to attract investments and create more jobs for inclusive growth.
In a press conference yesterday, American Chamber of Commerce of the Philippines, legislative committee chairman John Forbes said the passage of business and economic reform bills should have high priority as these support investments and jobs creation.
He said while the last two Congresses have been very productive after approving 22 and 29 business and economic reform laws, respectively, there is a need to push for more reforms to sustain the country’s economic performance.
“The Aquino administration should work closely with Congress to pass significant reforms that benefit the country’s investment climate, improve competitiveness, create jobs, and support inclusive growth,†he said.
In thier Legislative Policy Brief containing their business legislative agenda for the 16th Congress, the groups said the current Congress can be highly productive and pass 20 to 30 bills that support economic growth and national competitiveness.
Among the key reforms which Congress should act upon at an early date are the cabotage liberalization, competition policy, Customs Modernization and Tariffs Act, amendments to economic provisions of the Constitution, Foreign Investment Negative List liberalization, amendments to the Government Procurement Act, mining fiscal reform, rationalization of fiscal incentives and transparency and accountability in fiscal incentives.
Other important reforms being pushed by the groups include the amendments to the Anti-Money Laundering Act, Bangsamoro Basic Law, Bangko Sentral ng Pilipinas Charter amendments, Fiscal Responsibility Act, Freedom of Access to Information and the National Land Use Act.
“What we would like to see later on is the pace of legislation will accelerate,†Forbes said.
In order for the Congress to pass bills that will help sustain the economic performance, he said low-hanging fruit bills or those which advanced in the previous Congress but were not enacted should be prioritized.
He also said the Legislative Executive Development Advisory Council should meet regularly to facilitate coordination between Executive and Congressional leaders and maximize the legislative legacy of the administration.
Revenue-eroding bills must likewise be carefully reviewed.
While the groups are pushing for the enactment of reforms, they also stressed the need for measures which have been passed to be implemented without delay.
Implementing rules and regulations, Forbes said, should be immediately released after the law is passed.
The legislative workload, he said, should likewise be front-loaded to pass bills earlier rather than towards the end of the Congress, when the 2016 national elections will preoccupy legislators.
The JFC counts the American, Australia-New Zealand, Canadian, European, Japanese and Korean foreign chambers along with the Philippine Association of Multinational Companies Regional Headquarters as its core members.
The Philippine business groups are the Employers Confederation of the Philippines, Financial Executives Institute of the Philippines, Makati Business Club, Management Association of the Philippines, Philippine Chamber of Commerce and Industry and the Philippine Exporters Confederation.