[MEDIA RELEASE] Business Groups and Foreign Chambers call for passage of reform measures in the 19th Congress

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:

1. 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. CREATE and PEZA Act Amendments for Hybrid/Flexible Work Schedules
6. Freedom of Information
7. Property Valuation and Assessment Reform
8. Capital Income and Financial Taxes Reform
9. Build-Operate-Transfer Law amendments/PPP Act
10. Secrecy of Bank Deposits Law amendments
11. National Unemployment Insurance
12. Department of Disaster Resilience Creation
13. E-Commerce Act amendments
14. Pandemic Protection Act
15. Holiday Rationalization Act
16. Philippine Airports Authority Creation
17. Philippine Ports Authority (PPA) Charter amendments
18. Intellectual Property Code amendments
19. Philippine Pension System Portability and Strengthening
20. Apprenticeship Program Reform
21. Agricultural Lands Ownership Easing
22. Commonwealth Act 138 (Flag Act) Repeal
23. International Maritime Trade Competitiveness Act
24. 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.