Gov’t readies priority bills to boost investment

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The government is readying the reform bills on tax incentives, investments and sharing agreements on mining revenues that it hopes to file at the start of the new Congress and be enacted within the year.

“We are looking at possible changes in legislation. We target to file draft bills at the start of the new Congress and pass them at the end of the year,” Trade Secretary Gregory Domingo said during the Arangkada Philippines Forum 2013 organized by the Joint Foreign Chambers of the Philippines on Tuesday.

One of planned legislative amendments, according to Domingo, was the review of the Foreign Investment Negative List (FINL), which identifies investment areas that are reserved for Filipino businesses and are off-limits to foreign corporations.

“We are reviewing everything about it, what makes sense and what doesn’t make sense,” Domingo told reporters without specifying the sectors in the list that were being studied.

The overall review of the FINL will be carried out jointly by the departments of trade and industry and of finance and the National Economic and Development Authority.

Domingo also mentioned the rationalization of fiscal incentives as one of the priority bills that his department hoped would be tackled in the 16th Congress.

The passage of this measure is expected to boost the country’s chances of getting a credit-rating upgrade. The Philippines is rated a notch below investment grade by the three biggest credit-rating watchdogs—Fitch Ratings, Standard and Poor’s and Moody’s.

Another priority bill of the DTI is the proposal on the new revenue-sharing agreement between mining companies and the government. Domingo said, however, that government agencies have yet to finalize how much the government should get from mining contracts.

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  • M0WF0W

    baka pede niyo na iadjust ung e vat from 12 to 8%. ayus iyon!

  • Weya Sago

    Yes, yes! We need these bills to further boost the economy, hopefully we increase more foreign direct investments so you can create more employment for our people. I hope you get your support in both houses of congress!

  • superpilipinas

    But still no FOI to protect investors from corrupt and incompetent government agencies and officials.

    PNoys administration and allies seem to be afraid of FOI.

    They are afraid of what and who will get exposed and they would lose their hidden you know what!

    • Sandy Bulet

      Kung di maipapasa ang FOI this year gagawin nila itong alas para makapasok si Roxas sa Presidency sa 2016 election. So possible na mapag usapan ulit ito by next year pa or tingin ko by 2015. Sa ngaun kasi hindi pa masyadong hadlang ang FOI dahil ang katwiran nila sumusulong pa naman ang bansa at balanse pa naman ang opinyon ng masa pagdating sa FOI. Pero sayang talaga, sana maeducate pa natin ang masang pinoy para mas maraming magpursiging itulak ang batas na to ngaung taon :).

    • Handiong

      Barking at FOI is barking at the wrong tree. What the investors need is the elimination of red tape, those numerous senseless requirements used by corrupt government bureaucrats to extort money from businessmen. There is already RA 9485, or the “Anti-Red Tape Act of 2007″, that I think needs to be strengthened to be more effective.

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