The members of the Joint Foreign Chambers (JFC) yesterday called on the immediate issuance of the implementing rules and regulations (IRR) on the amendments to the Public Service Act (RA 11659) and Foreign Investments Act (RA 11647) to hasten the realization of the gains of these economic reforms.
In a statement, JFC lauded the passage of three game changing laws, namely the amendments to the Retail Trade Liberalization Act or RTLA(RA 11595), RA 11659 and RA 11647 as well as the recent issuance of the IRR on the RTLA after consultation with concerned stakeholders.
“We call on relevant government agencies to ensure that the IRRs on RA 11659 and 11647 are also issued, with sufficient stakeholder consultation, before the end of the current administration,” JFC said.
It added prompt issuance of IRRs for these laws would hasten the realization of gains expected from the passage of these liberalization laws, to the benefit of the public.
The group said its members support the full implementation of these new laws and are committed to bring the reforms to the attention of appropriate firms in its member countries in the United States, Australia-New Zealand, Canada, Korea, Japan, and Europe and encourage these firms to invest in the Philippines.
“With its large, growing economy, we see the Philippines benefiting from the capital, technology, and greater competition these reforms will bring in the form of more jobs and better products and services more widely available to the Filipino people,” the group said.
JFC said it supports the aim of EO 166, which adopts the Economic Development Cluster’s – point policy agenda for pandemic recovery, to speed up and sustain the country’s recovery from the new coronavirus disease 2019 pandemic through the enactment of game-changing economic liberalization laws. – Irma Isip
