MANILA, Philippines — Business groups are urging the incoming Congress to approve key economic measures including the Magna Carta for Micro, Small and Medium Enterprises (MSMEs) to promote the country’s competitiveness and enable businesses to grow.
Following the midterm elections held on May 12, Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio called on the new Congress to prioritize bills that will lead to a more inclusive economy and stronger business sector.
Among the measures being pushed by the PCCI is the Magna Carta for MSMEs to extend the mandatory allocation by banks of loans to these businesses.
The measure is also being pushed to remove the Bangko Sentral ng Pilipinas regulatory cover on Small Business Corp. so that it can provide MSME development loans in an out-of-the-box framework.
The PCCI also wants Congress to pass the International Maritime Trade Competitiveness Act, which seeks to regulate shipping charges to ensure these are based on international best practices, reasonable and subject to taxes.
In addition, the PCCI is pushing for the amendment of the Philippine Ports Authority and Civil Aviation Authority of the Philippines charter by removing their development and commercial functions so they can focus on regulatory oversight.
Also part of the measures being pushed by the PCCI is the National Quality Infrastructure Act to enable local products to access global markets by ensuring that these meet international quality standards.
The business group is also pushing the enactment of the Rationalization of the Mining Fiscal Regime to have clear and predictable tax policies that will enable long-term decisions in mining.
“These are some of our wishes that hopefully, this new Congress will consider enacting. These reform measures are essential if we want to build a better and progressive economy,” Mangio said.
Makati Business Club executive director Rafael Ongpin told reporters yesterday that the group wants the incoming Congress to approve the Freedom of Information bill, as well as taxation measures.
“There are various other measures on taxation and so on and so forth that we are sponsoring in line with our initiatives and we feel that we have a much better chance of success with this Senate and Congress lineup,” Ongpin said.
According to Ongpin, the election results show that Filipinos are voting based on issues that they want government leaders to address rather than personalities.
Mangio said it is important to elect legislators who can champion policies that foster economic stability and growth, as well as an environment conducive for business.
“At the most basic, leaders with integrity and good governance, are accessible and have constructive engagement with business, or at least have pro-business legislative track record that support reducing red tape and promote competition and SME growth,” she said.
Beyond good governance, she said the Philippines needs leaders who understand how laws impact the economy.
The PCCI believes reforms put in place by the government including the Ease of Doing Business Act, Public Service Act Amendments, the Tax Reform for Acceleration and Inclusion Law, CREATE Act and the CREATE MORE Act have made positive effects on the business environment.
“Ideally, (we need leaders) with good economic and financial literacy and understand global trade and investment because understanding how legislation affects the economy is crucial for drafting policies that encourage business development, job creation and foreign investment,” Mangio said.