Today, the Joint Foreign Chambers of Commerce (JFC) sent letters to House and Senate leaders to commend the legislative branch for introducing and moving along various measures recommended by the group to attract more investments and improve job creation, as well as express their strong support for the prompt passage of several long-awaited economic measures before the adjournment of the 19th Congress.
The letter reads, “With approval already secured from both chambers of Congress, a number of important reforms have reached the last step of the legislative process or the Bicameral Conference Committee. These include the Konektadong Pinoy Act, aimed at modernizing the governing law of the data transmission sector to provide accessible, affordable, and reliable internet to all Filipinos; the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which seeks to introduce a streamlined and equitable fiscal regime that provides clarity, consistency, and stability for investors in critical minerals; and amendments to Republic Act No. 7652 or the Investor’s Lease Act, to create a more stable and predictable leasehold system to encourage greater foreign investment. As the 19th Congress nears its end, the JFC is hopeful that these three major reform bills will be enacted without delay. We see their passage as key to unlock new economic opportunities and strengthen the Philippines’ overall competitiveness in the ASEAN region.”
For the past several Congresses, the JFC and Philippine business groups have compiled a comprehensive list of policy reforms deemed essential for the Philippines’ sustained economic growth. The JFC anticipates having its reform agenda for the 20th Congress finalized and available before the President’s State of the Nation Address (SONA) in July.
###