The government must create an economic body composed of technocrats that will administer the economic sector in order to immediately and efficiently answer problems as they arise.
Washington Sycip, a member of the Philippine Chamber of Commerce and Industry (PCCI) council of advisors, said the country must be able to adapt to the changes in the world economy immediately.
Sycip proposed that the economic body be a cross between the Bangko Sentral ng Pilipinas (BSP) and the National Economic Development Authority (NEDA). “It is similar to NEDA but is empowered to act quickly.”
For check and balance purposes, Sycip said the Congress should be allowed to review the actions taken by the economic body. “In one to two years they (Congress) can change it if it is working or not working,” he explained further.
For example, Sycip said the United States and Thailand have signed a free trade agreement (FTA) wherein the latter can export tuna to America without additional duties.
He said that in cases like these, changes in the country’s exports should be implemented within the week.
For his part, PCCI president Sammie Lim declined to comment on Sycip’s proposal saying only that the businessmen group will submit to congress a list of the three most important bills they think should be turned into law.
“We all have different ideas of what should be prioritized. We will consolidate and submit to congress, hopefully by July before the 14th Congress starts, three bills that we think are very important,” Lim said.
“For me, I think the tourism bill is very important,” Lim said. He explained that tourism spurs economic activity.
Other bills that the PCCI deemed important are the fiscal incentive rationalization, the credit information system, the amendment on the BSP charter and the law on the patent of drugs.