Private sector pushes passage of 27 economic reform bills
Some local and foreign business groups are supporting 27 business and economic reform bills in Congress, which they said could help support growth in 2021 and beyond.
These include amendments to existing laws as well a push for the passage of the CREATE bill, or the Corporate Recovery and Tax Incentives for Enterprises Act, which will give corporate tax cuts and rationalize tax breaks.
Fourteen business groups made the joint recommendation to President Duterte and to congressional leaders, ahead of the State of the Nation Address as well as the resumption of the regular session in Congress.
“The reform package of 27 measures can generate substantial inclusive growth while generating jobs, reducing poverty, improving national competitiveness and supporting economic recovery and higher GDP (gross domestic product) growth in 2021 and thereafter,” they said in a statement on Monday.
These groups are Alyansa Agrikultura; American Chamber of Commerce of the Philippines; Australian-New Zealand Chamber of Commerce of the Philippines; Canadian Chamber of Commerce of the Philippines; European Chamber of Commerce of the Philippines; The Federation of Filipino-Chinese Chambers of Commerce and Industry; Foundation for Economic Freedom; IT and Business Process Association of the Philippines; Japanese Chamber of Commerce and Industry of the Philippines; Korean Chamber of Commerce of the Philippines; Makati Business Club; Management Association of the Philippines; Philippine Association of Multinational Companies Regional Headquarters, and Semiconductor and Electronics Industries in the Philippines.
The 27 recommended legislative measures, in order of priority, include: 1. Public Service Act amendments; 2. Tax Reform Package 2: CITIRA/CREATE3; 3. Foreign Investment Act amendments; 4. Retail Trade Act amendments; 5. Apprenticeship Program Reform; 6. Build Operate Transfer Law amendments; 7. Freedom of Information Act; 8. Bank Secrecy Law amendments; 9. Foreign equity restriction amendments to the Constitution; 10. Tax Reform Package 3: Property Valuation and Assessment; 11. Tax Reform Package 4: Capital Income and Financial Taxes; 12. Open Access in Data Transmission Act; 13. Water Department Act; 14. Farm Entrepreneurship Act; 15. Peza Act amendments; 16. Agri-Agra law amendments; 17. Holiday Rationalization Act; 18. National Disaster Risk Reduction and Management Authority Act; 19. National Land Use Act; 20. National Traffic and Congestion Crisis Act; 21. Philippine Contractors Accreditation Board amendments; 22. PhilPorts Act (amend PPA Charter); 23. Water Regulatory Commission Act; 24. CAAP Act amendments; 25. CA 541 amendments; 26. National Transportation Safety Board Act, and Philippine Airports Authority Act. INQ