THE Joint Foreign Chambers (JFC) has asked the 19th Congress to enact without delay three major reform bills which it said will “unlock new economic opportunities and strengthen the Philippines’ overall competitiveness in the Asean region.”
In a statement on Sunday, the JFC said it has sent letters to the House of Representatives and the Senate to seek the passage of these measures, which have reached the last step of the legislative process or the Bicameral Conference Committee.
These include the Konektadong Pinoy Act, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, and amendments to Republic Act No. 7652 or the Investor’s Lease Act.
The JFC is a coalition of the American, Australian-New Zealand, Canadian, European, Japanese and Korean chambers of commerce plus the Philippine Association of Multinational Companies Regional Headquarters Inc. It represents over 2,000 member companies engaged in more than $100 billion worth of bilateral trade and some $30 billion investments in the Philippines, according to the website of its advocacy arm, Arangkada Philippines.
JFC has been pushing for the Konektadong Pinoy Act, which it said is aimed at modernizing the governing law of the data transmission sector to provide accessible, affordable, and reliable internet to all Filipinos.
The Konektadong Pinoy Bill aims to increase competition among service providers, offering more data access options and improving the quality and affordability of internet service in the Philippines, the Arangkada Philippines website added. The bill has reached third and final reading in both the House and the Senate, it added.
JFC said the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act will introduce a streamlined and equitable fiscal regime that provides clarity, consistency, and stability for investors in critical minerals.
The Senate website says Senate Bill (SB) No. 2826, or the “Enhanced Fiscal Regime for Large-Scale Metallic Mining Act,” was approved on third and final reading on February 3. The bill is one of the priority measures of the Legislative-Executive Development Advisory Council.
The JFC said the amendments to Republic Act (R.A.) No. 7652 or the Investor’s Lease Act, will create a more stable and predictable leasehold system to encourage greater foreign investment.
On Dec. 17, 2024, the lower house passed House Bill No. 10755, which amends R.A. 7652, extending foreign entities’ lease on private land from 50 to 99 years, the Congress website says.
“As the 19th Congress nears its end, the JFC is hopeful that these three major reform bills will be enacted without delay,” the group said in the statement, expressing support for the prompt passage of the long-awaited economic measures before the adjournment of the 19th Congress.
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 said it will finalize its reform agenda for the 20th Congress before the President’s State of the Nation Address in July.
