Foreign business groups seek clear, consistent rules
Major foreign business groups have outlined a 12-point legislative wish list that they want President Marcos to prioritize in his penultimate State of the Nation Address (Sona), saying further reforms and consistent implementation are needed to improve the country’s investment climate.
In a letter dated July 21 and addressed to Mr. Marcos, the Joint Foreign Chambers of the Philippines (JFC), which comprises six international business groups, said that while “significant reforms” had already been enacted to attract investments, more must be done to sustain their gains.
“Several reforms already enacted have the potential to significantly improve the investment climate, but their success will depend on consistent implementation across government agencies and clear regulatory guidance,” the JFC said.
The JFC is composed of the Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce of the Philippines Inc., Philippine Association of Multinational Companies Regional Headquarters Inc., and the American Chamber of Commerce of the Philippines.
“Continued efforts to improve regulatory efficiency, streamline administrative processes, facilitate trade, strengthen tax administration, and support the movement of talent and capital can deliver immediate benefits to investors, enterprises, and consumers alike,” it added.
12-point suggestion
At the top of the group’s legislative agenda are amendments to the Electric Power Industry Reform Act, as it said persistently high electricity costs continue to affect business expansion, industrial development and investment decisions.
The JFC also called for the passage of the Cybersecurity Act and the Digital Economy Act, saying these measures would strengthen the country’s digital economy while building on recently enacted laws such as the Konektadong Pinoy Act and the E-Governance Act.
As the Philippines seeks to attract more investments related to artificial intelligence, the group said the country also needs an “appropriate governance framework” to prepare businesses and workers for the technology shift.
The JFC likewise pushed for amendments to the Civil Aviation Authority Act and the Philippine Ports Authority charter.
Other measures on its legislative agenda include the Freedom of Access to Information Act, National Single Window System Act, National Land Use Act and Blue Economy Act.
The group acknowledged, however, that not all of its recommendations require congressional action. It also urged Marcos to issue executive measures to strengthen the implementation of existing laws, including the Ease of Doing Business Act and the Create More Act.
The foreign chambers likewise called for the “consistent enforcement” of existing regulations to reduce red tape and improve the predictability of the investment environment.
“The business community believes that implementation is now as important as legislation,” they said.
“Many of the reforms long advocated by the business community have already been enacted,” they added. “The task ahead is to translate these reforms into measurable gains in investment, productivity, innovation, and employment.”
