Philippine businesses urge to speed up reforms

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unemplyment-PHLocal and foreign business groups in the Philippines on September 11 urged to speed up the passage of economic reform bills that would encourage investments and create more jobs in the country.

The Philippine Business Groups and the Joint Foreign Chambers of the Philippines (PBGs-JFCs) followed the government’s announcement that Philippine GDP grew by 7.5 per cent in the second quarter of 2013, although the unemployment rate rose to 7.3 per cent as of July, indicating that the country is yet to solve its unemployment problem.

“Business and economic reforms bills should have high priority since they support investment and job creation,” the groups said in a policy brief given to Congress. The following bills were identified as priorities: Cabotage liberalisation; competition policy/antitrust (independent commission); customs modernization and tariffs act/anti-smuggling; foreign investment negative list liberalisation; and amendments to the government procurement act.

The mining fiscal reform, rationalization of fiscal incentives, transparency and accountability in fiscal incentives; and amendments to the economic provisions of the Constitution should also be prioritised, they said.

Local and foreign businessmen said the enactment of at least 29 business and economic reform measures by the 15th Congress surpassed 22 such measures passed in the 14th Congress.

“This performance supports the image of an advancing Philippine economy improving international competitiveness rankings, encouraging investment and eventually creating jobs,” they said.

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Reading Time: 1 minute

Local and foreign business groups in the Philippines on September 11 urged to speed up the passage of economic reform bills that would encourage investments and create more jobs in the country.

Reading Time: 1 minute

unemplyment-PHLocal and foreign business groups in the Philippines on September 11 urged to speed up the passage of economic reform bills that would encourage investments and create more jobs in the country.

The Philippine Business Groups and the Joint Foreign Chambers of the Philippines (PBGs-JFCs) followed the government’s announcement that Philippine GDP grew by 7.5 per cent in the second quarter of 2013, although the unemployment rate rose to 7.3 per cent as of July, indicating that the country is yet to solve its unemployment problem.

“Business and economic reforms bills should have high priority since they support investment and job creation,” the groups said in a policy brief given to Congress. The following bills were identified as priorities: Cabotage liberalisation; competition policy/antitrust (independent commission); customs modernization and tariffs act/anti-smuggling; foreign investment negative list liberalisation; and amendments to the government procurement act.

The mining fiscal reform, rationalization of fiscal incentives, transparency and accountability in fiscal incentives; and amendments to the economic provisions of the Constitution should also be prioritised, they said.

Local and foreign businessmen said the enactment of at least 29 business and economic reform measures by the 15th Congress surpassed 22 such measures passed in the 14th Congress.

“This performance supports the image of an advancing Philippine economy improving international competitiveness rankings, encouraging investment and eventually creating jobs,” they said.

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