Biz groups push for approval of 21 economic measures

MANILA, Philippines — Local and foreign business groups are urging the government to approve 21 pending legislative measures including the easing of foreign equity restrictions to help propel economic growth.

In a joint statement yesterday, the Philippine business groups and Joint Foreign Chambers called on President Marcos to support the passage of 21 legislative measures pending in Congress aimed at driving economic growth, improving global competitiveness and promoting inclusive development.

Business groups that signed the statement are the American Chamber of Commerce of the Philippines Inc., Association of International Shipping Lines Inc., Canadian Chamber of Commerce of the Philippines, Chamber of Customs Brokers Inc., Confederation of Wearable Exporters of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce Philippines, Makati Business Club, Management Association of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc. and Semiconductor and Electronics Industries in the Philippines Foundation Inc.

The statement is being issued ahead of Marcos’ State of the Nation Address on July 22.

Among the legislative measures being pushed by the groups is the amendment of the Constitution’s economic provisions to remove foreign equity restrictions.

Also part of the measures the business groups want approved is the Konektadong Pinoy Bill, which seeks to lower barriers and cost to entry for data service providers to bring down internet costs, as well as the Promotion of Digital Payments bill.

As part of the proposed amendment to the Corporate Recovery and Tax Incentives for Enterprises Act, the groups want locators to be given greater flexibility in setting work-from-home arrangements.

Other priority legislative measures the groups want to be passed are the Freedom of Information Act, Capital Income and Financial Taxes Reform, Secrecy of Bank Deposits Law amendments, National Unemployment Insurance, creation of the Department of Disaster Resilience and the E-Commerce Act amendments.

“With one year left in the current Congress, we believe that the 21 measures are achievable reforms that will generate substantial impact in achieving our shared vision of inclusive growth through job generation, poverty reduction and global competitiveness,” the business groups said.