Investors laud Senate’s initiative on crucial bills

The investment community said yesterday they saw a ray of hope for the country’s political prospects following the Senate’s move to agree to focus on crucial bills.

In a press statement, Philequity Management Inc (PEMI), fund manager of the country’s biggest equities mutual fund, particularly commended senators led by Senate President Franklin Drilon who, they said, momentarily put aside political bickering last week and agreed to work on crucial legislative measures that will reinforce the country’s economic gains.

Investors believed that the Senate opposition’s attendance in the Legislative-Executive Development Advisory Council (LEDAC) "was an act of statesmanship and a bold step in the right direction as this will go a long way in securing the economic gains that the country has so far achieved.

"By agreeing to focus on less contentious but crucial legislative measures, the opposition senators have gained respect and admiration from the business community who now see them as a cut above other politicians who oppose any move by the government for the sake of opposing," PEMI said.

"This highly-regarded move would hopefully render the Senate more productive and reasonable without its members necessarily abandoning or imposing their individual political convictions," it added.

According to the group, while the investment community "may not be solid admirers" of President Arroyo on her political policies, they are nonetheless supportive of her economic measures which have yielded positive results.

"The peso has relatively strengthened while the various fiscal reforms have rendered the country’s scenario more conducive to investments," PEMI said.

Most of the bills prioritized by the government for congressional approval are beneficial to the country and not just for the Arroyo administration’s gain, it noted.

Bills such as the 2006 budget, tax relief for low-income workers, the rationalization of fiscal incentives, anti-smuggling bill, the tourism policy act, the creation of the credit information bureau, automated election system bill, and the bill extending agricultural competitive enhancement are needed to spur economic activity and provide financial relief to Filipinos.