Business group sets legislative agenda
May 20, 2013 at 18:27
THE PHILIPPINE Chamber of Commerce and Industry (PCCI) has put together a list of laws it hopes the next Congress will pass in order to increase investor confidence in the country, the group said in a statement yesterday.
“With the election behind us, let us move forward by working together to create a better future for the country. Let us commit to a national agenda that will address the creation of jobs, sustain investments, curtail corruption, ensure peace and order, and strengthen our foreign policy,” said PCCI President Miguel B. Varela in the statement.
WISH LIST
PCCI said it has prepared a list of priority legislations that it will pursue in the 16th Congress.
These are the proposed Competition Law, the creation of the Department of Information and Communications Technology, and the Anti-Smuggling Law.
Also in the group’s wish list are the proposed Land Administration Reform Act, the Customs Modernization Act, and the proposed Fiscal Incentives Rationalization Act.
Mr. Varela said it is also high time for the government to “consider looking into reforms that will lift the restrictive economic provisions of the Constitution.
In particular, PCCI said it is in favor of the removal of the 40% equity limitation on foreign investors, expanding the role of foreign investors in exploration, development and use of natural resources and extending land lease agreements.
He added: “Our domestic policies should promote economic growth by thinking regional and international rather than an insular market.”
PCCI said investment policies must be liberalized to attract foreign direct investments (FDIs) and incentives have be geared toward international markets.
“Our neighbors have liberalized investment policies that have made them truly attractive to
‘STRONG PRECEDENT’
The group also congratulated the Commission on Elections (Comelec) for the conduct of the elections saying it set another benchmark of governance standards to improve Philippine competitiveness.
“The election not only set a strong precedent for future elections; it has sealed the country’s image of having a stable political condition, creating a favorable investment climate and improving investor confidence,” said Mr. Varela.
PCCI said the 15th Congress “performed quite a feat” when it passed a number of business-friendly laws including amendments to the Anti-Money Laundering Act passed on Feb. 5, the Reproductive Health Law passed on March 19, and the abolition of the common carriers tax and gross Philippine billings tax for passenger airlines which was approved on March 7.
PCCI expressed optimism that the legislators, as well as the other newly-elected local government officials, who have all been given fresh mandates by the Filipino people, “will deliver on their promise to consolidate and build on the progress made over the last three years, when the country’s competitiveness ranking has been improving, and its economic growth has been averaging more than 6%.”
Mr. Varela earlier cited the need to revisit regulations that hinder investor confidence and adopt policies that encourage long-term investments especially in agriculture and manufacturing as well as lower cost of doing business in areas related to power and utilities, raw materials sourcing and business licenses.
“We need investors not just to invest their money, but to stay and expand their operations,” Mr. Varela said.
“We can only achieve this if we look into the specific reforms that will support the broader participation of investors in our now-recognized resilient and stable economy,” he added.
