Media Release
July 21, 2022
Philippine business groups and foreign chambers are recommending passage of 24 priority measures for the incoming 19th Congress to consider and enact as it commences on July 25.
In a letter sent to President Marcos on July 20, business groups and foreign chambers advocated the following legislative reforms which they recommend the government seek to enact in the 19th
Congress:
- 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
- Satellite-based Technologies Promotion Act
Included in the advocated reforms are 7 bills that reached advanced stages of approval in the 18th Congress, namely: 1) the Liberalization of foreign equity restrictions in the Constitution; 2) Open
Access in Data Transmission; 3) Ease of Paying Taxes; 4) Promotion of Digital Payments; 5) Property Valuation and Assessment Reform (Tax Reform Package 3 under the previous administration’s Comprehensive Tax Reform Program); 6) Capital Income and Financial Taxes Reform (Tax Reform Package 4); and 7) Department of Disaster Resilience.
The groups 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.
The letter was sent in anticipation of the president’s first State of the Nation Address and the opening of the 19th Congress’ first regular session. It was copied to the incoming House Speaker and Senate President and key cabinet officials.
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.
Semiconductor and Electronics Industries in the Philippines Foundation, Inc.