Senate, business leaders talk on improved and effective economic legislation

The Senate today sat down with some of the country's key business sectors as they discussed several proposed legislations which seek to enhance the Philippines economic performance through an energized business climate and better fiscal management.

Senate President Franklin Drilon, Senate Pro-Tempore Ralph Recto, Ways and Means Committee Chair Sen. Sonny Angara, Energy Committee Chair Sen. Sergio Osmeña III and Trade, Commerce and Entrepreneurship Committee Chair Sen. Bam Aquino IV met with representatives from the domestic and foreign business sectors, spearheaded by Makati Business Club chairman Ramon Del Rosario Jr. and the president of the American Chamber of Commerce and official representative for the Joint Foreign Chambers, Rhicke Jennings.

The Senate leader said that they "greatly appreciate the insights and proposals provided by our business sector, and we legislators fully concur that the time to work on policies that would change our country's fortunes is right now."

At the meeting, the business leaders presented key measures currently filed in the 16th Congress which they believe could lead the country to economic growth, create more jobs and economic opportunities for the citizenry, and jumpstart the country's journey to inclusive financial progress.

Much of the legislation discussed by both foreign and local business leaders during the event touched on economic reforms and policy shifts on issues like the Amending of the Economic Provisions of the Constitution, the Customs Modernization and Tariff Act, the Fair Competition Law, Fiscal Regime on the Mining Industry, the EPIRA, Apprenticeship Law, the Rationalization Incentive Management Transparency Act, the Cabotage Law, and Foreign Investment Negative List, amending the Common Carriers and Gross Philippine Billings Tax Law and measures concerned with infrastructure and the cost of logistics within the country's borders.

Moreover, the business leaders said that the timely passage of proposed bills which call for improvements in the country's instruments of peace, good governance and its anticorruption efforts - such as the Amendment to the Sandiganbayan Law, the Bangsamoro Basic Law, and the Whistleblowers Act - would greatly inspire market confidence in the national government, making the nation more attractive for foreign direct investment and other ventures.

Drilon then noted that many of the presented legislation by the business sector "are mostly among the priority measures which the leaders of the Senate and the House of Representatives have agreed to work on immediately, thus ensuring their passage at the earliest time possible."

He later invited the business leaders who attended the event to take part at future discussions and subsequent Senate hearings regarding their policies of interest, where they can better pursue the passage of the measures they support.