MANILA, Philippines - The House of Representatives will focus on implementing policies that would equip the country for the ASEAN Economic Community (AEC) in 2015.
During the AEC briefing at the House of Representatives, Speaker Feliciano "Sonny" Belmonte, Jr. said that the AEC is not just about opening up but also pushing for good governance and that the country would face scrutiny in meeting its commitments and obligations to the ASEAN community.
"There are certainly enormous tasks and benefits in the realization of the AEC vision of (i) a single ASEAN market; (ii) a highly competitive economic region; (iii) an equitable economic development and (iv) full integration into the world economy," Belmonte said.
The Speaker said that the ASEAN, as a region, has made progress in implementing its commitment to member states, noting the 99.2 percent tariff line reduction in Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore, Thailand. Around 97.5 percent tariff lines in Cambodia, LAO PDR, Myanmar and Vietnam have also been reduced to about zero to five percent.
"Just as the center of global economic gravity is shifting towards Asia, the AEC could play a pivotal role in insuring that the rising tide could lift all the members' boats up, enabling each and every ASEAN member state to partake in broader region-wide wealth creating activities," the Speaker said.
The Congress priority list includes: a) enacting an Anti-Trust/Fair Competition Law; b) amending the Economic provisions of the 1987 Constitution on Foreign Ownership and Equity; c) amending the Foreign Investment Act; d) amending the Tariff and Customs Code; e) reforming the Aviation Sector through an Open Skies Policy; f) amending the charters of PPA and MARINA; g) and amending the Cabotage Law.