The Philippines: NEDA to brief Congress on urgency of passing reform bills

  • ECONOMIC PLANNERS will make their pitch to Congress on the urgency of passing economic reform bills before the legislature turns its attention to preparing for 2022’s national elections, the National Economic and Development Authority (NEDA) said on 1 Feb 21.
  • Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the amendments to the Public Service Act, Retail Trade Liberalization Act, and the Foreign Investment Act, which are all pending at the Senate, should be passed in 2021 as these are “crucial in revving up the Philippine economy” and sustaining its recovery from the pandemic.
  • They complement other economic reforms and programs such as the Build, Build, Build infrastructure initiative and the strengthened anti-red tape law, he said.
  • He said legislators could help ensure the long-term recovery of the economy by passing pending measures designed to attract more foreign direct investment.
  • “We are now working on the (passage) of GUIDE (and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery) bill,” Mr. Chua said.
  • The GUIDE bill, which is expected to be passed by the House plenary in Feb 21, seeks to help strategically important firms by helping them address any solvency issues. The Congress adjourns sine dine in Jun 21.
  • Meanwhile, the Senate lists the amendments to the Retail Trade Liberalization Act, or Republic Act No. 8762, and to the Public Service Act or Commonwealth Act No. 146 among its own priority bills.
  • Senate President Vicente C. Sotto III said the chamber will exert “best effort on all bills addressing the economy.”

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