More reforms set before Noy’s term ends

MANILA, Philippines - The government is bent on implementing more structural and governance reforms before President Aquino’s term ends in 2016, Finance Secretary Cesar Purisima said on the sidelines of the recently concluded World Economic Forum on East Asia.

This is to ensure that the administration’s good governance agenda is institutionalized and sustained beyond 2016, Purisima said.

“The people have come to know the impact of good governance on their lives as the economy makes huge strides,” he said.

He said economic growth can be sustained with the passage of a number of bills pending in Congress such as the amendments in the Bangko Sentral ng Pilipinas (BSP)’s charter, the streamlining of procedures at the Bureau of Customs, a rationalization of fiscal incentives and the easing of restrictions on foreign investments.

The bill seeking to amend the central bank’s charter is aimed at strengthening the BSP’s regulatory powers over banks and other non-bank financial institutions. It also seeks to recapitalize the BSP so it could better perform its market operations.

The bill seeking to rationalize fiscal incentives is aimed at lifting unnecessary tax perks and increase the revenue collection of the government.

The proposed measure that seeks to streamline Customs procedures aims to curb smuggling.

Easing foreign ownership restrictions, meanwhile, is expected to boost investments and generate more jobs for Filipinos.

Purisima said some of the key reforms implemented during President Aquino’s first four years in office were the Sin Tax Reform Law, the Reproductive Health Law, an aggressive campaign against smugglers and tax evaders and a reform in the creation of the national budget process to ensure transparency.

The government hopes to attain economic growth by 6.5 to 7.5 percent this year, and by seven to eight percent in 2015.