Local, foreign business groups ask solons: pass reforms


SEVERAL local and foreign business groups renewed calls to pass the priority economic reform bills as Congress prepares to reopen sessions next week.

The business chambers, in a statement on Wednesday, asked the legislators to complete the passage of the bills that can help the country in its bid to post-pandemic economic recovery.

These include the amendments to the Public Service Act; Department of Water Resources Management; Ease of Paying Taxes bill; Freedom of Information; Open Access in Data Transmission; and Philippine Creative Industries.

In addition, they cited the promotion of digital payments; amendments to the Secrecy of Bank Deposits Law; and Rural Agricultural and Fisheries Development Financing System Act.

The business organizations also called for the passage of tax reform packages in property valuation and assessment; and passive income and financial intermediary taxation.

“Most of these 11 reform bills have reached advanced stages in either chamber of Congress and only require counterpart action in the other chamber,” they noted.

“While supporting the amendments to the Public Service Act, the business groups and foreign chambers expressed opposition to the inclusion of any provision in the pending Senate version, SB [Senate Bill] 2094, that expands the legislative franchise requirement to public services beyond those provided under existing laws,” the business chambers added.

Meanwhile, the groups lauded the government for the enactment of measures that can encourage more investments and generate more jobs, including those recommended by the business chambers.

The groups are also hoping for the early ratification of the following bills under the bicameral conference committees: Electric Vehicles and Charging Stations Act, Foreign Investment Act amendments and National Transportation Safety Board creation.

The signatories include the 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 and IT and Business Process Association of the Philippines.

The letter was also signed by the 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. and the Semiconductor and Electronics Industries in the Philippine Foundation Inc.

Read full article on BusinessMirror

Leave a Reply