JOINT FOREIGN CHAMBERS DISCUSSED ECONOMIC
REFORMS WITH SENATOR JV

Senator Joseph Victor Ejercito, Chairman of the Economic Affairs Committee assured the Joint Foreign Chambers (JFC) of the Philippines on his commitment to push for some of the legislative agenda of the chambers.

The JFC, represented by Mr. John D. Forbes and Henry Schumacher, AmCham Legislative Committee Chairman and Vice President of the European Chamber of Commerce of the Philippines, respectively, met with Senator Ejercito to discuss legislative priority measures concerning the economic policies of the country.

Among the legislative agenda pushed were the Foreign Investment Negative List (FINL) Reform, amendments to the economic provision of the Constitution and the Rationalization of Fiscal Incentives among others.

The representatives from JFC shared their ideas on how the Philippines could open up more opportunities and businesses, citing the impact of foreign investment negative list. They said that this long list serves as red flag for potential investors.

For his part, Senator JV said that he has been pushing for the Foreign Investment Act amendments with his Senate Bill 1424, which removes from the negative list the practice of professions. As Chairman of the Senate Committee on Economic Affairs, he prioritized this and other similar measures and as a result the consolidated bills are ready for deliberation in the plenary. Next to his list of priorities is Senate Bill 2517 seeking to lift foreign equity restrictions for financing companies, lending companies and investment houses. Said bill is scheduled for a public deliberation on the third week of February. Joint Foreign Chambers of the Philippines expressed its intention in attending and participating in the proposed bill's deliberation.