BUSINESS GROUPS, including the Joint Foreign Chambers of the Philippines said they support a reform agenda led by amendments to the Electric Power Industry Regulation Act and Foreign Investors’ Long Term Lease Act.
In a statement, the groups said such reforms will accelerate growth and significantly enhance the investment climate.
“While both domestic and global challenges persist, the Philippine economy has continued to demonstrate its underlying strengths and growth capabilities, and we see clear opportunities for sustained economic expansion,” they said in a joint statement. “To harness this potential, bold and decisive policy action is required.”
They also recommended that the government pass reform measures like the Cybersecurity Act, E-Governance Act, Digital Economy Act, Konektadong Pinoy Act, Freedom of Access to Information Act, the National Single Window System, and National Land Use Act.
They also sought priority action on the Artificial Intelligence Act, Blue Economy Act, and Holiday Rationalization Act, as well as amendments to the charters of the Civil Aviation Authority and the Philippine Ports Authority.
They also recommended executive measures that “significantly bolster investor confidence.”
“These include improving the implementation of the Ease of Doing Business Act and Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act and streamlining travel requirements for foreign tourists,” they said.
They also asked for the review and suspension of taxes on non-resident foreign corporations, as well as the review of the Food and Drug Administration’s revised registration fees and the Extended Producers’ Responsibility Act.
“These measures form a unified reform agenda that reflects the business community’s commitment to supporting national development,” they said.
“Collectively, these measures will help attract quality investments, generate meaningful employment, and strengthen the country’s economic foundation for long-term, inclusive growth,” they added.
These recommendations were sent to President Ferdinand R. Marcos, Jr. ahead of his fourth State of the Nation Address.
Among the signatories of the statement were the American Chamber of Commerce of the Philippines, the Canadian Chamber of Commerce of the Philippines, the European Chamber of Commerce of the Philippines, the Japanese Chamber of Commerce and Industry of the Philippines, Inc., and the Korean Chamber of Commerce of the Philippines, Inc.
Other signatories are the Association of International Shipping Lines, Inc., the Confederation of Wearable Exporters of the Philippines, the Financial Executives Institute of the Philippines, the Management Association of the Philippines, the Philippine Association of Multinational Companies Regional Headquarters, Inc., and the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. — Justine Irish D. Tabile