Speaker Martin Romualdez delivers his speech before the Philippine Chamber of Commerce and Industry members on Thursday, August 4, 2022. (Photo from Speaker Ferdinand Martin Romualdez鈥檚 office)
MANILA, Philippines 鈥� Speaker Ferdinand Martin Romualdez has assured the country鈥檚 business sector that the House of Representatives would consult businessmen when crafting laws related to trade and commerce.
Romualdez made the promise during his speech before the Philippine Chamber of Commerce and Industry (PCCI) on Thursday, where he outlined Congress and the current administration鈥檚 plans for the business sector, including some aspects mentioned during President Ferdinand Marcos Jr.鈥檚 State of the Nation Address (Sona).
The Speaker said that most of the bills mentioned by Marcos as important measures for economic recovery and stability were authored by him, which he hopes would be sufficient to push lawmakers to tackle these proposals.
鈥淢ajority of the priority measures spelled out by President Marcos in his Sona are principally authored by no less than your House Speaker, so I expect my fellow legislators to act on these bills with dispatch. In fact, I am hopeful that we can approve most of these measures before the year ends,鈥� Romualdez said.
鈥淥ne thing I assure you, though. As stakeholders, you will be consulted in every measure that we tackle, especially those involving commerce and industry. Please make your positions very clear on the issues I mentioned earlier as I want all stakeholders to be heard before we pass these measures,鈥� he added.
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Romualdez named nine bills that were highlighted in Marcos鈥� Sona, which may involve the PCCI:
- The GUIDE Act (Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery), seeks to provide financial aid to distressed businesses, especially micro, small, and medium enterprises.
- Valuation Reform Bill, a part of the tax reform system which standardizes the real property values
- Passive Income and Financial Intermediary Taxation Act or PIFITA if enacted, will redesign taxation on capital income and financial services on passive income measures
- E-Government Act which would usher in the digitalization of several services through the integration of safe information and communications technologies
- Internet Transaction Act or E-Commerce Law will establish an effective regulation of commercial activities through the internet
- National Land Use Act will provide a more holistic way of managing the country鈥檚 land and water resources
- Enactment of an Enabling Law for the Natural Gas Industry that would diversify the country鈥檚 energy mix, moving from a coal-heavy industry
- Amendments to the Electric Power Industry Reform Act to address high electricity rates
- Amendments to the Build-Operate-Transfer (BOT) Law to address bottlenecks hindering the smooth implementation of public-private partnership programs
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Aside from the bills, Romualdez also mentioned the passage of House Concurrent Resolution No. 2, which supports the Marcos administration鈥檚 Medium-Term Fiscal Framework (MTFF), as proof of Congress鈥� commitment to a better economy.
鈥淵our invitation came at a most opportune time. The House of Representatives adopted only last Monday Concurrent Resolution No. 2, which expresses the Chamber鈥檚 full support to the Medium-Term Fiscal Framework crafted by the administration of President Ferdinand 鈥楤ongbong鈥� Marcos, Jr.,鈥� the Speaker said.
鈥淚 dare say that the adoption by Congress of the MTFF Concurrent Resolution is a historic one. To my knowledge, this is the first time that our legislators fully committed themselves to a medium-term fiscal plan that will serve as anchor for the annual spending and financing plan of the national government,鈥� he added.
READ: House OKs reso backing admin鈥檚 Medium-Term Fiscal Framework听|听Diokno bares Marcos six-year plan听
The Philippine economy has faced a downturn in recent years, mainly due to the COVID-19 pandemic, which required the imposition of lockdowns that also meant fewer economic activities.
While the country has already posted a positive gross domestic product (GDP), the Marcos administration is still facing the daunting task of addressing inflation and other internal and external factors that may affect the economy.
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