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PRESS RELEASES

SOURCE: Press and Public Affairs Bureau


HOUSE WILL PASS COMMERCE AND INDUSTRY BILLS WITH DISPATCH
04 August 2022 05:46:38 PM


THE House of Representatives will act on the administration’s priority bills related
to commerce, and industry before the year ends, Speaker Martin G. Romualdez
assured the Philippine Chamber of Commerce and Industry (PCCI), the country’s
largest business organization, on Thursday.
Romualdez also committed to consult PCCI regarding the priority legislative
measures of President Ferdinand “Bongbong” Marcos Jr.
“Majority 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,” Romualdez said in his
speech during PCCI’s General Membership Meeting at Makati Diamond Residences,
Makati City.

“One 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,” he added.
Romualdez was referring to these priority measures: (1) The Government Financial
Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery
(GUIDE) Act; (2) Valuation Reform Bill; (3) Passive Income and Financial
Intermediary Taxation Act or PIFITA; (4) E-Government Act; (5) Internet
Transaction Act or E-Commerce Law; (6) National Land Use Act; (7) Enactment of
an Enabling Law for the Natural Gas Industry; (8) Amendments to the Electric
Power Industry Reform Act; and (9) Amendments to the Build-Operate-Transfer
(BOT) Law.

The Lakas-CMD President said PCCI’s invitation also came at an opportune time as
the House adopted last Monday Concurrent Resolution No. 2, which expresses the
chamber’s full support to the Medium-Term Fiscal Framework (MTFF) crafted by
the administration of President Marcos, Jr.
“I dare say that the adoption by Congress of the MTFF Concurrent Resolution is a
historic one,” Romualdez said. “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.
This— the Medium-Term Fiscal Framework— will serve as our guide in preparing
the annual budget for the next six years.”
The Marcos administration designed the 2022-2028 Medium-Term Fiscal
Framework to attain short-term macro-fiscal stability while remaining supportive of
the economic recovery and promoting medium-term fiscal sustainability. It aims to
reinvigorate job creation and poverty reduction by steering the economy back to its
high-growth path in the near term and sustain the high— but inclusive and resilient
— growth all through 2028.

“The philosophy is simple: efficient collection of taxes especially under a strong
economy ensures adequate funding for government programs. In simple terms, the
MTFF is a fiscal consolidation and resource mobilization plan. The objective: in the
short run, keep the macroeconomy stable and provide adequate social services; in
the medium term, generate ‘more jobs, quality jobs, green jobs," Romualdez
explained.

“We, in the House of Representatives, not only support the MTFF. We are also
aligning Congressional initiatives with the economic recovery programs of the
National Government,” he added.

The framework contains an eight-point Socioeconomic Agenda aimed towards
immediate job creation and poverty reduction. These include the following: (1)
Attaining food security; (2) Reduction of transport and logistic costs; (3) Reduction
of energy cost to families; (4) Addressing public health concerns; (5) Strengthening
of social protection programs; (6) Return to Face-to-Face classes; (7) Enhanced
bureaucratic efficiency; and (8) Sound fiscal management

The MTFF also sets macroeconomic targets for the next 6 years, which are as
follows: (1) 6.5 to 7.5-percent GDP growth in 2022 and 6.5 to 8-percent annual GDP
growth from 2023 to 2028; (2) 9-percent poverty rate by 2028; (3) 3-percent
national government deficit by 2028; (4) Less than 60-percent debt-to-GDP ratio by
2025; and (5) Upper middle-income country status for the Philippines, with each
Filipino earning at least 4,046 US dollars per year.

Romualdez further expressed his willingness to engage PCCI in serious discussions
on how the government and private sector can work together to give flesh to the
administration’s economic agenda.

PCCI, according to its site, is “a non-stock, non-profit, non-government business
organization comprised of small, medium, and large enterprises, local chambers and
industry associations representing various sectors of business, all working together
to foster a healthier Philippine economy and improve the viability of business in the
community.”(END)

 
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