Business groups call for more reforms to boost economy
Philippine business groups and foreign chambers have outlined a comprehensive economic reform agenda – including a call to reform the power industry – ahead of President Marcos’ State of the Nation Address (SONA) next week.
A coalition of leading Philippine business groups and members of the Joint Foreign Chambers of the Philippines (PBG-JFC) urged the Marcos administration to prioritize “bold and decisive policy action” to harness the country’s economic potential.
“While both domestic and global challenges persist, the Philippine economy has continued to demonstrate its underlying strengths and growth capabilities and we see clear opportunities for sustained economic expansion,” the PBG-JFC said in a joint statement on Wednesday.
Their wish list included a call to amend the Electric Power Industry Regulation Act (Epira) and the Open Access in Data Transmission or Konektadong Pinoy Act.
Enacted during former President Gloria Macapagal-Arroyo’s administration in 2001, the Epira restructured the Philippine electric power industry to promote greater competition in the sector.
“We call for amending Epira to address structural issues in the power sector that have led to high costs, supply issues and regulatory gaps. As electricity rates in the Philippines remain among the highest in the region, strengthening competition and improving regulatory oversight will help ensure more affordable and dependable energy for all,” the group said.
Under the Konektadong Pinoy bill, an industry player is no longer required to secure a legislative franchise to build and operate data transmission infrastructure. It will also streamline the licensing process and promoting infrastructure sharing.
The PBG-JFC also pushed for reforms in other sectors, including the Freedom of Access to Information Act, Civil Aviation Authority Act Amendments and the Philippine Ports Authority charter amendments.
The collective also said the government should improve the implementation of various laws, including the Ease of Doing Business Act and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act, to deliver immediate impact and significantly bolster investor confidence.
The group also suggested streamlining travel requirements and improving the visa application for foreign visitors, along with the review of cross-border taxes.
“Collectively, these measures will help attract quality investments, generate meaningful employment, and strengthen the country’s economic foundation for long-term, inclusive growth,” the statement added.
