The country’s largest business organization is pushing for the enactment of a comprehensive investment promotion law that will outline clear incentives for both export- and domestic-oriented manufacturing and green technology sectors.
This is one of the policy reforms in the latest wish list submitted by the Philippine Chamber of Commerce and Industry (PCCI) to the government during its two-day Philippine Business Conference and Expo, which concluded on Wednesday.
The business group added that a task force monitoring the compliance and effectiveness of investment incentives should also be created.
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Further, the PCCI recommendations include the formation of a regular consultation body involving private sector leaders and policymakers to evaluate existing regulations and identify barriers to business operations.
It also called for regulatory impact assessments to gauge the effectiveness of proposed business regulations before implementation.
A review of agencies that have conflicting administrative and regulatory functions, such as the Laguna Lake Development Authority and the Philippine Ports Authority, was also advocated by the business group.
“These resolutions represent the collective voice and aspirations of the business sector, reaffirming our serious commitment to collaborate with the government in realizing a progressive, sustainable and inclusive economy,” PCCI president Enunina Mangi said in her speech during the event.
“With all of you as our partners, fellow business leaders, I am sure that we can carry forward the momentum of the past 50 years with utmost dedication, confident that with our shared vision and collaboration, we will create lasting prosperity for our nation,” she added.
Ease of doing business
The PCCI also called for improvements in ease of doing business and digitalization initiatives while attracting investments, supporting local producers and enhancing infrastructure, transportation and logistics, as well as reducing cost of power.
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On the topic of food security, the PCCI recommended the creation of a technology task force to identify and deploy modern farming technologies. The idea is to form a collaborative group of representatives from the Department of Science and Technology, the Department of Agriculture, agricultural experts and technology companies.
The group also suggested the launch of pilot projects in various agricultural regions, strengthening the agricultural-industry link through corporate farming, as well as public-private partnerships to develop and disseminate technologies tailored to local conditions, among others. —Alden M. Monzon