MANILA, Philippines — Foreign business groups are urging the government to immediately issue the implementing rules and regulations (IRRs) of recently approved economic liberalization laws such as the amendments to the Public Service Act (PSA) and the Foreign Investments Act (FIA), which are expected to help in post-pandemic recovery.
“Consistent with the aim of EO (Executive Order) 166, which adopts the Economic Development Cluster’s 10-point policy agenda for pandemic recovery, to speed up and sustain the country’s recovery from the COVID-19 pandemic, we call on relevant government agencies to ensure that the IRRs on Republic Act 11659 (PSA amendments) and RA 11647 (FIA amendments) are also issued, with sufficient stakeholder consultation before the end of the current administration,” JFC said.
Composed of the American, Australian-New Zealand, Canadian, European, Japanese and Korean chambers of commerce in the country, and the Philippine Association of Multinational Companies Regional Headquarters Inc., JFC welcomes the passage of the game-changing economic reforms, such as amendments to the Retail Trade Liberalization (RTL) Act, PSA and FIA, which are all priority reforms of the Duterte administration.
The JFC also lauded the recent issuance of the IRR on the amended RTL Act, after consultation with concerned stakeholders.
The amended RTL Act lowers the capitalization requirement for foreign retailers entering the country.
Meanwhile, PSA amendments allow 100 percent foreign equity in key sectors, such as telecommunications, domestic shipping, railways, subways, airlines, airports, expressways and tollways.
Amendments to the FIA aim to attract, promote and welcome foreign investments to support economic growth.
“We share this administration’s thrust to propel the country’s economic recovery post-pandemic through the enactment of game-changing economic liberalization laws,” JFC said.
Through prompt issuance of IRRs, JFC said the country would be able to quickly realize the expected gains from the passage of the laws.
JFC supports the full implementation of the new laws and pledges to inform appropriate firms in member countries in the US, Australia-New Zealand, Canada, Korea, Japan and Europe of the reforms.
It will also encourage firms to invest in the Philippines.
“With its large, growing economy, we see the Philippines benefitting from the capital, technology, and greater competition these reforms will bring in the form of more jobs and better products and services more widely available to the Filipino people,” JFC said.