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[MEDIA RELEASE] Business Groups and Foreign Chambers call for passage of Reforms in remaining session days of the 18th Congress

May 18, 2022

Philippine business groups and foreign chambers called on the House and Senate to pass remaining priority economic reform bills as Congress approaches the last two weeks of the 18th Congress.

In letters sent to House and Senate leaders, the business groups and chambers commended the Legislative for achieving an impressive record with the enactment of landmark legislation such as the Electric Vehicles and Charging Stations Act, and the amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act while also calling on Congress to pass additional achievable reforms in the remaining session days of the 18th Congress.

The business groups and chambers in their letters encouraged Congress to pass the following bills that have passed the House and just require counterpart action in the Senate:

1. Ease of Paying Taxes bill;
2. Open Access in Data Transmission;
3. Philippine Creative Industries;
4. Promotion of Digital Payments;
5. Tax Reform Package 3: Property Valuation and Assessment Reform; and
6. Tax Reform Package 4: Passive Income and Financial Intermediary Taxation.

They also looked forward to the ratification of the reconciled version of the following bills
that are currently under Bicameral Conference Committee deliberation:

1. Philippine Transportation Safety Board Creation; and
2. Rural Agricultural and Fisheries Development Financing System Act.

In the letter sent to the Senate, the business groups and chambers also strongly encouraged ratification of the Regional Comprehensive Economic Partnership (RCEP) Agreement.

Signatories to the letters are:

American Chamber of Commerce of the Philippines
Australian-New Zealand Chamber of Commerce of the Philippines
Bankers Association of the Philippines
Canadian Chamber of Commerce of the Philippines
European Chamber of Commerce of the Philippines
Financial Executives Institute of the Philippines
IT and Business Process Association of the Philippines
Japanese Chamber of Commerce and Industry of the Philippines, Inc.
Korean Chamber of Commerce of the Philippines, Inc.
Makati Business Club
Management Association of the Philippines
Philippine Association of Multinational Companies Regional Headquarters, Inc.
Semiconductor and Electronics Industries in the Philippines Foundation, Inc