Business groups including foreign chambers of commerce are advocating the speedier passage of business and economic reform bills to attract more investments to the country.
“The Aquino administration should work closely with Congress to pass significant reforms that benefit the country’s investment climate, improve competitiveness, create jobs, and support inclusive growth,” said American Chamber of Commerce of the Philippines legislative committee chairman John Forbes at a press conference Wednesday.
Forbes added that while the last two Congresses approved a combined 51 business and economic reform laws, the current Congress can pass 20 to 30 such bills on their business legislative agenda for the 16th Congress.
Among the reforms the groups would like to see are the liberalization of the Cabotage and the Foreign Investment Negative List policies, amendments to economic provisions of the Constitution, amendments to the Government Procurement Act, mining fiscal reform, the rationalization of fiscal incentives and transparency and accountability in fiscal incentives.
Other measures and reforms the groups noted as important are the amendments to the Anti-Money Laundering Act, the Bangsamoro Basic Law, the Bangko Sentral ng Pilipinas Charter amendments, the Fiscal Responsibility Act, the Freedom of Information Act and the National Land Use Act.
Forbes suggested the prioritization of bills that advanced in previous Congresses but which were not enacted, and that bills be passed earlier rather than near the end of the 16th Congress, which will be the time of the 2016 elections.
He also said that a law’s implementing rules and regulations (IRR) should be released immediately after a law is passed.
The JFC’s core members are the American, Australia-New Zealand, Canadian, European, Japanese and Korean chambers of commerce, as well as the Philippine Association of Multinational Companies Regional Headquarters.
The other business groups are the Employers Confederation of the Philippines, the Financial Executives Institute of the Philippines, the Makati Business Club, the Management Association of the Philippines, the Philippine Chamber of Commerce and Industry and the Philippine Exporters Confederation.
Source: BM, GMA News, September 11, 2013
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