MANILA, Philippines — Fourteen priority measures, including those in support of economic recovery from the pandemic, will be prioritized for passage before the end of the Duterte administration, Finance Secretary Carlos Dominguez III said yesterday.
He said this was agreed upon during the recent meeting of the Legislative Executive Development Advisory Council (LEDAC).
“A few days ago, the administration and the legislature had a meeting and this was the meeting of the LEDAC. And we agreed on a menu of measures that have to be passed before the election period begins sometime in March of next year,” said Dominguez in a virtual forum.
“We have a list of about 14 measures and these are the top priorities that we are asking the legislature to address,” he added.
The finance chief declined to disclose the list of priority bills pending the joint announcement that will be made by the Office of the President, the National Economic and Development Authority (NEDA) and Congress.
He noted, however, that these will include measures meant to usher in recovery from the economic fallout from the pandemic.
“Let me assure the public that this administration will work up to the last minute of its mandate. And we will push our colleagues in the legislature to do the same,” said Dominguez.
Economic managers have been pushing for the passage of three key bills that will enable the country to attract more foreign direct investment.
These are the Retail Trade Liberalization Act, as well as amendments to the Foreign Investments Act and Public Service Act.
President Duterte’s economic team is also committed to pursuing the remaining tax reform packages that aim to simplify, rationalize and improve the efficiency of the tax system.
These are packages three and four of the tax reform program that deals with real property valuation and assessment, and taxation of passive income and financial intermediary.
Also pending is the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill that aims to rescue strategically important companies with solvency woes.
Dominguez stressed that the revival of private enterprises and consumer activity will usher in sustainable recovery starting this year.
“The present economic downturn cannot be fully confronted by throwing subsidies at everything in sight. This would only fuel inflation without driving expansion. It will bring us to a debt crisis farther down the road,” he said.
“The more sustainable path to recovery is to foster the revival of our enterprises and the restoration of consumer activity. A strong private sector is the key to our recovery strategy,” he added.