‘Reforms important to Phl’s sustained growth’

MANILA, Philippines - For the country to maintain its course as “Asia’s next economic tiger,” various reforms must be carried out, said House Speaker Feliciano Belmonte Jr. at a recent BDO Economic Forum held in Solaire Resort and Casino.     

Speaking to more than 600 attendees, Belmonte emphasized the need to address growth bottlenecks especially in the area of infrastructure as well as the concerns of business groups on high power and transportation costs.

To help address these concerns, he said the House of Representatives would consider measures which include, among others, an amendment to the Electric Power Industry Reform Act (EPIRA) to raise competition in the power industry by setting limits on cross-ownership between power generation and distribution; amendment of the Cabotage (or maritime) Law to allow foreign vessels to transport passengers or cargoes between ports within the country for greater competition; adoption of a pocket “open skies” policy to lower cost of doing business by promoting competition in the air transport sector; and providing flexibilities in the constitutional restrictions on foreign investments.

“What we have reached today as an economy is a testimony that the Philippines can move forward, and our collective efforts to institute the necessary reforms will go a long way in making this country an economic force in the next 20 years,” Belmonte said.