Foreign and local businessmen on Wednesday urged leaders of the House of Representatives to prioritize the passage of several measures aimed at boosting the country’s economy and combating corruption.
Makati Business Club Executive Director Peter Perfecto said he supports moves to amend the Constitution, particularly its economic provisions to attract foreign investments, during a meeting between House leaders, the Joint Foreign Chambers (JFC) and various Philippine business groups.
“Revising the restrictive economic provisions of the 1987 Constitution to enable the passage of specific laws easing restrictions on natural resources, agricultural lands, institutions and mass media,” Perfecto said.
The Resolution of Both Houses (RBH) 1, filed by House Speaker Feliciano Belmonte Jr. and Sen. Ralph Recto, is targeting to amend the 60-40 rule, which limits foreign ownership of land and some business entities.
The resolution will include the phrase “unless provided by law” in the foreign-ownership provision of the Constitution, particularly land ownership, public utilities, natural resources, media and advertising industries.
Under Article XII of the Constitution, foreign investors are prohibited to own more than 40 percent of real properties and businesses, and are totally restricted to exploit natural resources and own any company in the media industry.
Perfecto also pushed for the passage of the Freedom of Information bill, saying this will address the corruption in the bureaucracy by making government transactions transparent to the public and holding public officials accountable for their actions.
For his part, American Chamber of Commerce of the Philippines Inc. (AmCham) President Rhicke Jennings urged Congress to pass the Customs Modernization and Tariff Act and Anti-Smuggling bill.
Jennings said the passage of the two measures will make the Philippines compliant with its obligation under the Revised Kyoto Convention. The two proposed measures have been recently approved at the committee level of the lower chamber.
Meanwhile, AmCham Senior Adviser John Forbes asked Congress to amend the Foreign Investment Act, Retail Trade Act, Government Procurement law, and the Public Services
Act for trade liberalization.
Forbes also asked Congress to repeal Republic Act 3018 which restricts foreign participation in the country’s rice and corn trade.
Local businessmen belonging to the Philippine Chamber of Commerce and Industry (PCCI) pushed for the passage of the Philippine Fair Competition Act which will prohibit anti-competitive agreements, distortion and manipulation of the local market.
PCCI President Donald Dee said the enacting the measure is needed to fulfill the country’s commitment under the Asean Economic Community blueprint which calls for the implementation of national competition laws in all member-states of the Association of Asean.
The House Committee on Trade and Industry and the House Committee on Appropriations have recently approved a consolidated bill on Philippine fair competition.
To strengthen Philippine judiciary, Canadian Chamber of Commerce of the Philippines President Julian Payne called for the removal of the Department of Justice, Office of the Ombudsman, Court of Appeals, Sandiganbayan and Supreme Court from the coverage of the Government Salary Standardization. Payne said this will make the salaries of prosecutors and members of the judiciary more competitive.
Payne also pushed for the passage of a Whistleblowers Protection Act and a Witness Protection, Security and Benefits Act, which will provide effective legal protection and rewards system to whistle-blowers and state witness to embolden them to come forward and support the prosecution of corrupt public officials.
Belmonte, for his part, said the priority list of legislative measures drawn up by the JFC, the local business groups and the lower chamber are almost identical.
“I do not think that we are here to argue or preach to one another, but to map out directions and strengthen our collaboration for the passage of legislations that would uplift the lives of the people,” he said.
“We want to encourage them to invest more in our country. We have seen the major vehicle of our growth was their big foreign direct investments. So we make it a point to have a dialogue with them on an annual basis so we know what they want,” Belmonte added.
Source: http://www.businessmirror.com.ph/house-urged-to-prioritize-passage-of-economic-bills/
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