July 26, 2021
The American Chamber of Commerce welcomed inclusion of priority legislation of Philippine business groups and the Joint Foreign Chambers in President Rodrigo Roa Duterte’s final State of the Nation Address and statements of Congressional leaders at the opening of the Third Regular Session of the 18th Congress.
Among the bills advocated by the president in his SONA were:
1. Amendments to the Foreign Investments Act
2. Amendments to the Public Service Act
3. Amendments to the Retail Trade Liberalization Act
4. Department of Disaster Resilience
In addition, Congressional leaders also said they hope to pass:
1. Department of Disaster Resilience
2. Ease of Paying Taxes
3. Philippine Creative Industries
4. Tax Reform Package 3: Property Valuation and Assessment Reform
5. Tax Reform Package 4: Passive Income and Financial Intermediary Taxation
“We see this as strong signals that the bills mentioned are being prioritized for passage soon. They will support economic recovery in the years ahead,” commented AmCham Executive Director Ebb Hinchliffe.
Recently 15 business groups, including eight Philippine business groups and the seven members of the Joint Foreign Chambers, wrote to President Rodrigo R. Duterte recommending passage of 17 priority measures by the 18th Congress. Separate letters were also sent to Senate President Vicente Sotto III and House Speaker Lord Allan Velasco.
The list includes:
1. Amendments to the Foreign Investments Act
2. Amendments to the Public Service Act
3. Amendments to the Retail Trade Liberalization Act
4. Department of Disaster Resilience
5. Department of Water Resources Management
6. Ease of Paying Taxes
7. Electric Vehicles and Charging Stations
8. Freedom of Information
9. National Land Use and Management
10. Open Access in Data Transmission
11. Philippine Creative Industries
12. Promotion of Digital Payments
13. Public Private Partnership
14. Rural Agricultural and Fisheries Development Financing System
15. Secrecy of Bank Deposits Law amendments
16. Tax Reform Package 3: Property Valuation and Assessment Reform
17. Tax Reform Package 4: Passive Income and Financial Intermediary Taxation
“With one year left in the current Congress, we believe the 17 measures are achievable reforms that will generate substantial impact in achieving our shared vision of inclusive growth through job generation, poverty reduction, and global competitiveness. These reforms will also support economic recovery and higher GDP growth in 2022 and beyond in the wake of the COVID-19 pandemic,” the letter stated.
“We are hopeful that all the bills will progress. Most have reached advanced stages in either the House or Senate and only need limited action towards final approval,” said John Forbes, AmCham Legislative Committee co-chairperson.
The 15 business groups include:
Alyansa Agrikultura
American Chamber of Commerce of the Philippines
Australian-New Zealand Chamber of Commerce of the Philippines
Bankers Association of the Philippines
Canadian Chamber of Commerce of the Philippines
European Chamber of Commerce of the Philippines
Financial Executives Institute of the Philippines
Foundation for Economic Freedom
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.
Attachment: July 7 press release on 15 business groups’ letter to President Duterte re priority bills for the 3rd regular session
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