SB seeks swifter action on economic reform bills

MANILA, Philippines - Speaker Feliciano Belmonte Jr. sought yesterday swifter congressional action on pending socio-economic reform bills that would boost investments and create more jobs.

“We need to sustain our economic growth, or grow faster, to create more and better jobs for our people,” Belmonte said.

He said a recent labor force survey, which showed that in January, April and July 2014 there were 2.8 million unemployed Filipino workers and seven million underemployed.

While the Philippines has emerged as one of the best performing economies in Asia and the world in recent years, much remains to be done by government to attract more investments, he said.

Belmonte, along with other House leaders met recently with representatives of the Joint Foreign Chambers and Philippine business groups to craft a common agenda for policy reforms to maximize the inflow of direct foreign investments to propel inclusive and sustained growth.

He said in 2012 the country’s gross domestic product grew by 6.8 percent, and 7.2 percent in 2013, notwithstanding the weak global economy and the havoc wrought by the series of calamities that hit the country.

He, however, said in terms of wealth and income levels, the country continues to lag behind, noting that as of 2013, Philippine GDP per capita was only $2,587 compared with Indonesia’s $3,475, Thailand’s $5,779 and $10,514 for Malaysia.

 “Clearly, we need more (direct) investments and business activities to absorb our growing labor force,” Belmonte said.

The Speaker enumerated priority legislation agreed upon with their Senate counterparts during their regular monthly dialogue.

These measures include the proposed amendments of the Bangko Sentral ng Pilipinas Charter; Rationalization of Fiscal Incentives; Tax Incentives Management and Transparency Act; Customs Modernization and Tariff Act; and the Rationalization of Mining Revenues.

To promote competition and the growth of foreign direct investments, Belmonte underscored the need to pass Resolution of Both Houses No. 1 that vests on Congress the power to set or adjust restrictions on foreign ownership in key economic sectors, including public utilities, property, mass media and advertising, educational institutions and development of natural resources.