Businessmen seek OK of economic bills

MANILA, Philippines - The government should prioritize getting vital economic bills approved in the next Congress, particularly one on ensuring fair competition among businesses, the Philippine Chamber of Commerce and Industry (PCCI) said yesterday.

“We want the government to focus on economic bills,” PCCI vice chairman Donald Dee said in a press conference.

His appeal came on the heels of an announcement by the National Statistics Coordination Board of the economy’s strong growth of 7.8 percent in the first quarter of the year from a year earlier.

The Philippines’ growth in the first three months – boosted largely by strong manufacturing and consumer spending – was the highest in Asia, topping even China’s 7.7 percent growth.

Dee said President Aquino should make sure the next Congress – dominated by pro-administration lawmakers – would pass measures aimed at enhancing business and investment in the country.

He said the PCCI is preparing a list of needed economic measures and the organization’s president Miguel Varela is set to make an announcement in July.

In the same press briefing, Varela said they are proposing the passage of a business competition law or Fair Competition Policy to level the playing field among investors.

“A competition policy would bring the message that the country does not play favorites but offers fair opportunities for all,” he said.

He said other key legislation seen to encourage investments and promote economic growth are the rationalization of fiscal incentives, Customs Modernization and Tariffs Act, Land Use Code, Land Administration Reform Act and Mining Act amendments.

He also said the group believes that the government needs to relax some restrictions in the entry of foreign capital and in the practice of certain professions if it wants to attract more investments.

Dee said the group also wants the 1987 Constitution amended to raise the cap on foreign ownership of industries from 40 percent.

Aquino earlier said amending the Constitution is not a priority of his administration.

If no such amendment is possible, Dee said the government should at least ensure the passage of other key economic measures.

“The President is given full control of Congress. Now is the best time to pass the economic bills,” he said.