MANILA, Philippines — The availability of COVID-19 vaccines and the passage of legislative measures to help the country recover from the pandemic and attract more investments form part of the business sector’s wish list for this year.
Philippine Chamber of Commerce and Industry (PCCI) president Benedicto Yujuico said the group wants “the COVID vaccine to arrive in the country and the inoculation of the general population to start in the fourth quarter or earlier.”
For his part, Management Association of the Philippines (MAP) president Francis Lim said the government should immediately acquire the vaccines and inoculate as many people as possible.
“This is essential to regain public confidence and hasten our economic recovery,” he said.
Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) president Dan Lachica said the group wants COVID vaccines as well as cost-effective treatment to be available in the country.
Aside from having COVID-19 vaccines available in the country, business groups want the government to pass legislative measures to help the economy get back up from the impact of the pandemic.
“We hope to see the early enactment of the other stimulus bills, such as the CREATE (Corporate Recovery and Tax Incentives for Enterprises) and Bayanihan 3 bills, to further stimulate the economy,” Lim said.
When approved into law, CREATE will reduce the country’s corporate income tax rate to 25 percent from the current 30 percent, which is considered to be the highest in Southeast Asia, as well as make the grant of incentives transparent, targeted, time-bound and performance-based.
Meanwhile, Bayanihan 3 seeks to allocate funding as a continuing response to the pandemic and follow-up to the Bayanihan 1 and 2 Laws.
Under the Bayanihan 3, the funds will be used for the procurement of COVID-19 vaccines, worker subsidies, support for critically impacted sectors, additional social amelioration, assistance for households severely affected by recent typhoons and for displaced workers, rehabilitation of typhoon-affected areas, and for internet allowances of teachers and students.
Apart from CREATE, American Chamber of Commerce of the Philippines Inc. (AmCham) senior advisor John Forbes said the group also want other legislative measures that would encourage new foreign investments to be approved this year.
He said other legislative measures seen to directly or indirectly help get more foreign investors to come to the country are the amendments to the Public Services Act, Retail Trade Act amendments, Foreign Investment Act amendments, Comprehensive Tax Reform Package 4 (Passive Income Financial Taxes), Open Access in Data Transmission Act, Better Internet bill, Electric Vehicles and Charging Stations Act, Rural Agricultural and Fisheries Development Financing System Act, Build Operate Transfer Act amendments, Creative Industries bill, E-government bill, and Telecommuting Act amendments.
Also being pushed by AmCham are the National Transportation Safety bill and Water Sector Reform Act.
“We hope the leadership of the House and Senate will also seek to approve these reform measures in 2021. There is enough time,” Forbes said.
For the PCCI, Yujuico said the group wants President Duterte to sign an executive order to allow private network satellite connectivity without the need of a congressional franchise to help expand internet coverage and improve services.
In addition, the group is calling for the faster approval and release of loans by the Development Bank of the Philippines, Lank Bank of the Philippines and Small Business Corp. for enterprises; improvement in the health care system and the delivery of health care services to the most disadvantaged sector; and support for agricultural and agribusiness sectors to ensure food security.
Yujuico said the group also wants the Inter-Agency Task Force for the Management of Emerging Infectious Diseases to mandate consistent policy for local government units on safety protocols and reopening of businesses.
Other items on PCCI’s wish list are to have an equitable and peaceful resolution or at least a tenable status quo of the West Philippine Sea dispute, and the approval and implementation of the national identification system for efficient delivery of government services.
With elections set to be held in 2022, Yujuico said the group would like to see the country have capable Presidential candidates.
As for SEIPI, Lachica said the group wants to see ease of doing business; improved infrastructure in terms of broadband services, ports and roads; lower costs of operation; automated government processes; a globally competitive foreign direct investment incentives package and a transparent and corruption-free government.