Twelve local and foreign business groups are pushing for the passage in the incoming 19th Congress of 24 priority measures that will continue the country’s economic reforms.
In a joint statement, the business groups said they have sent a letter to President Marcos on July 20 advocating the following legislative reforms: liberalization of foreign equity restrictions in the Constitution; open access in data transmission; ease of paying taxes; promotion of digital payments; amendments to the Corporate Recovery and Tax Incentives for Enterprises Act and the Philippine Economic Zone Authority Act for hybrid/flexible work schedules;
Freedom of Information; Property Valuation and Assessment Reform; Capital Income and Financial Taxes Reform; amendments to the Build-Operate-Transfer Law amendments/Public Private Partnership Act; amendments to the Secrecy of Bank Deposits Law amendments; National Unemployment Insurance; creation of the
Department of Disaster Resilience; amendments to the E-Commerce; Pandemic Protection Act; Holiday Rationalization Act; creation of the Philippine Airports Authority; amendments to he Philippine Ports Authority Charter; amendments to the Intellectual Property Code; Philippine Pension System Portability and Strengthening; Apprenticeship Program Reform; easing of agricultural lands ownership; repeating of the Commonwealth Act 138 (Flag Act); International Maritime Trade Competitiveness Act and; Satellite-based Technologies Promotion Act
Of the 24, seven have reached advanced stages of approval in the 18th Congress, according to the business groups.
These are the liberalization of foreign equity restrictions in the Constitution; open access in data transmission; ease of paying taxes; promotion of digital payments; creation of the Department of Disaster Resilience as well as tax reforms Property Valuation and Assessment (Package 3 under the previous administration’s Comprehensive Tax Reform Program) and Capital Income and Financial Taxes Reform.
The groups in their letter expressed willingness to work 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 Ferdinand Marcos Jr.’s first State of the Nation Address and the opening of the 19th Congress’ first regular session on July 25.
House Speaker and Senate President and key cabinet officials were also furnished copies of the letter.
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. and; Semiconductor and Electronics Industries in the Philippines Foundation Inc. Irma Isip
