Belmonte calls for more, better investments to boost economy

MANILA, Philippines - To attain higher, sustainable growth and eventually reduce if not totally eradicate poverty, there is need to bring in more and better investments, according to House Speaker Sonny Belmonte who spoke during the 38th Philippine Business Conference at Manila Hotel.

Belmonte stressed the need for investments that would bring in capital and technologies that would keep workers productively employed and allow maximum and productive use of resources.

He recommended amending the economic provisions of the Constitution by allowing Congress to enact the laws defining foreign participation and nationality requirement in strategic sectors of the economy.

Belmonte said that Congress has included in the legislative agenda of the 15th Congress various measures to encourage the growth of both domestic and foreign investments.

The proposed measures include the government-owned or controlled corporations (GOCC), Governance Act of 2011 to curb abuse and to promote accountability and efficiency in the government owned and controlled corporations.

In addition, the Congress has passed during the third reading the rationalization of fiscal incentives, the reform of the excise tax on alcohol and tobacco and alcohol and the valuation reform act.

To address the country’s competitiveness, Belmonte said that “we have used the national government budget to upgrade and modernize the country’s infrastructure.” He also said that national government spending on infrastructure and other capital projects stands at P252.4 billion, higher by nearly half of the previous year’s level.

In the proposed national government budget for 2013, Belmonte said, infrastructure spending is expected to grow further by 17.5 percent amounting to P296.7 billion.

In attracting more investments, Belmonte said that Congress approved on third reading, the bill creating the Office of the Philippine Trade Representative and the Customs Modernization and Tariffs Act.

“We are also close to approving on second reading, the Anti-Trust or Competition Policy and the Pocket ‘Open Skies’ Policy”, he added.

Other measures also include the strengthening of anti-smuggling provisions in the tariff and customs code, rationalization of the charters of the Philippine Ports Authority, MARINA and Civil Aeronautics Board.

“It is a must for the government and businesses to continue working together and keep the reform process moving,” he added. – Philexport News and Features