MANILA, Philippines - Senate President Franklin Drilon and House Speaker Feliciano Belmonte, Jr. on Monday vowed before the business community to lead Congress in passing measures that will implement reforms and sustain the economic growth of the country.
Drilon, in his speech before the Makati Business Club, said the Senate will focus on measures rationalizing fiscal incentives to certain industries, passing the freedom of information (FOI) bill, the rationalization of the mining industry's fiscal regime, the amendment of the cabotage law, amendments to the Bangko Sentral ng Pilipinas (BSP) charter, measures to attract more foreign direct investments, providing benefits to whistleblowers and giving more teeth to Sandiganbayan divisions to speed up the prosecution of cases.
"We intend to level the playing field by granting incentives to industries which only need them," Drilon said, referring to the fiscal incentives rationalization bill. The Senate President said there are more than a hundred measures currently providing numerous incentives to certain industries which the Senate will reassess in a bid to increase the state's revenue.
He added that the Senate also intends to pass the freedom of information bill before the year ends.
"The FOI bill is crucial in the fight against corruption for it will empower the people to hold their government accountable," he said.
Drilon added that the legislature is also seeking to implement a clear revenue sharing system between the government and mining companies, and a standardized system of disclosures for mining firms.
"It is only fair that the government must have a fair and equitable share of the revenues from extracting the earth," he said.
Meanwhile, he said the Senate also aims to pass a measure amending the cabotage law, to open the shipping market to competition and to bring down the cost of transporting goods from one port to another.
"We have no intention of killing the local shipping industry but we must balance it with the greater good," he said. Under the current law, foreign companies are banned from plying inter-island routes in transporting goods. Instead, a local ship is used in the movement of goods to Visayas or Mindanao.
Drilon added that the Senate will also focus on amending the central bank's charter, which will strengthen the BSP's function by restoring its authority to obtain data from private entities, enhancing protection for BSP officials in the conduct of their duties and improvement of the central bank's corporate and financial viability through increased capitalization.
Talking about the priority development assistance (PDAF) fund scam, Drilon said the Senate is looking at passing a law protecting whistleblowers and improving the functions of Sandiganbayan in collecting evidence needed in a case.
Drilon said the Senate will also revisit the investment restrictions in the Constitution to see if measures can be passed to increase the amount of foreign investment in the country.
For his part, Belmonte said the House of Representatives will focus on passing measures that will boost the country's competitiveness.
"Our work will focus on making the country a conducive place for business," he said.
He said the Congress will pursue the establishment of a competition policy, a national land use policy and multisectoral consultations in Mindanao to promote trade and investment in the region.
He added that the lower house will look at ways to address the high cost and inadequate supply of power and water in the country, as well as addressing the transportation woes in the Philippines through a national transportation policy.
Belmonte also agreed with Drilon in passing the FOI bill, measures to ease economic restrictions to foreign investors, amendments to the cabotage law, BSP charter and the mining code. He also echoed Drilon's sentiment in the abolition of the PDAF.
"We will once more reclaim the confidence of the people... We will fully cooperate and provide all the necessary documents in the investigation of the PDAF scam," he said.
"If some big shot will get jailed, it will give a message to everybody," he said.