by Butch Fernandez –
AS part of Philippine preparations to stay competitive in the region, President Aquino’s legal advisers are working to fast track fine-tuning a new fiscal incentives package to keep luring more investors under an integrated Asean economic regime set to take effect next year.
Addressing delegates at the Asia-Pacific Economic Cooperation (Apec) Chief Executive Officers’ Summit in Beijing, Mr. Aquino assured that the government’s main thrust is to “level the playing field” for all business ventures eyeing investment opportunities in the Philippines.
He noted that the upcoming Asean economic integration would lead to the removal of tariff and non-tariff barriers “in a systematic way that does not disrupt economies.”
According to Mr. Aquino, even as each Asian country enjoy “varying degrees of advancement,” they must try to “accomodate each others needs and wants to the best degree for collective growth within Asean,” as well as their dialogue partners.
At the end of the day, it is a review of all the current regulations, ensuring that there is a logical flow from that which we want to achieve and the means of achieving that,” the President said.
Mr. Aquino explained this would involve a review of “all of the fiscal incentives that might have outlived their usefulness and the introduction of new incentives for all the investors and businesses to become more efficient in doing business.”
At same time, he added, there is a need for the Philippines to review its laws and regulations to give the country “a new economic direction.”
Asked if the Chief Executive was ready to endorse to Congress urgent passage of fiscal-incentive reform measures to keep the country investment friendly as Mr. Aquino had also promised CEOs at the recent Apec Summit, Communications Secretary Herminio B. Coloma Jr. confirmed this was a priority measure but that the bill is still being reviewed by the Palace.
Coloma said Presidential Legislative Liason Officer Manuel Mamba had confirmed that a draft administration bill submitted by the economic development cluster of the Cabinet was “now under study” at the Office of the President.
“This is one of the priority bills of the President,” Mamba said in a text message to Coloma.
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