Foreign, local business groups list 24 priority bills

Foreign and business groups in the Philippines have called for the passage of 24 priority reform measures in the 19th Congress to boost economic growth in the country.

The groups submitted their recommendations to President Ferdinand Marcos Jr. on July 20 in anticipation of the president’s first State of the Nation Address and the opening of the 19th Congress’ first regular session on Monday, July 25. It was copied to the incoming House Speaker and Senate President and key cabinet officials.

The list of priority bills include the Liberalization of Foreign Equity Restrictions in the Constitution; Open Access in Data Transmission; Ease of Paying Taxes; Promotion of Digital Payments; CREATE and PEZA Act Amendments for Hybrid/Flexible Work Schedules; Freedom of Information; Property Valuation and Assessment Reform; Capital Income and Financial Taxes Reform; Build-Operate-Transfer Law amendments/PPP Act; Secrecy of Bank Deposits Law amendments; National Unemployment Insurance; Department of Disaster Resilience Creation; E-Commerce Act amendments; Pandemic Protection Act; Holiday Rationalization Act; Philippine Airports Authority Creation; Philippine Ports Authority (PPA) Charter amendments; Intellectual Property Code amendments; Philippine Pension System Portability and Strengthening; Apprenticeship Program Reform; Agricultural Lands Ownership Easing; Commonwealth Act 138 (Flag Act) Repeal; International Maritime Trade Competitiveness Act; and, Satellite-based Technologies Promotion Act.

Also included in the advocated reforms are seven bills that reached advanced stages of approval in the 18th Congress, namely, the Liberalization of foreign equity restrictions in the Constitution; Open Access in Data Transmission; Ease of Paying Taxes; Promotion of Digital Payments; Property Valuation and Assessment Reform (Tax Reform Package 3 under the previous administration’s Comprehensive Tax Reform Program); Capital Income and Financial Taxes Reform (Tax Reform Package 4); and Department of Disaster Resilience.

The groups also congratulated the President and Vice President on their election and stated in the letter that they look forward to working closely with the Marcos-Duterte administration and the 19th Congress to pursue the advocated reforms and others that will generate substantial impact in achieving inclusive growth through job generation, increased investment, poverty reduction, and improved global competitiveness.

Signatories to the letter are: American Chamber of Commerce of the Philippines Australian-New Zealand Chamber of Commerce 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., and Semiconductor and Electronics Industries in the Philippines Foundation, Inc.