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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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