Speaker vows passage of 9 economic priority bills

MANILA, Philippines — Speaker Martin Romualdez yesterday committed that the House of Representatives would pass the nine priority bills of Malacañang to enhance investment and business environment in the Philippines, all aimed to improve the lives of Filipinos.

Speaking at the Economic Forum organized yesterday by BusinessWorld, Romualdez said the priority legislative measures will boost the Marcos administration’s “Agenda of Prosperity,” the core mission the country’s “economic transformation towards inclusivity and sustainability.”

These bills are the GUIDE Act (Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery); Valuation Reform Bill; Passive Income and Financial Intermediary Taxation Act or PIFITA; E-Government Act; Internet Transaction Act or E-Commerce Law; National Land Use Act; Enactment of an Enabling Law for the Natural Gas Industry; Amendments to the Electric Power Industry Reform Act and Amendments to the Build-Operate-Transfer (BOT) Law.

Romualdez noted they also “expect to approve on third and final reading 15 more measures before the end of our session this December.”

“We are on the first stage to full economic recovery, and we are marching in the right direction,” he added.

Judging from the interest shown by global businessmen in the “international roadshow” with President Marcos, he underscored that the “Philippines may soon become the favorite investment destination in Asia.”

“We, in Congress, are committed to bring this goal to reality,” underscored the lawmaker as he urged businessmen and the public to “stay the course with us and share the benefits of progress and development.”

Romualdez assured the public that “the best is yet to come” for the Philippines, adding that the administration’s economic development objectives are spelled out in the Medium-Term Fiscal Framework and its eight-point socioeconomic plan, which the House had adopted through Concurrent Resolution No. 2 shortly after the 19th Congress convened in July.

“For the first time, the country has a clear six-year agenda with clearly defined goals,” he pointed out.

He said the economy improved by an average of 7.7 percent in the first three quarters of 2022 and it only needs to expand by 3.3 percent to 6.9 percent this fourth quarter to meet the growth target of 6.5 percent to 7.5 percent this year.

“Without a doubt, this is because of the Agenda for Prosperity, the sound economic plan of our President and economic managers,” he added.

According to Romualdez, the “encouraging” economic figures “strengthen our resolve, as lawmakers, to remain fully committed in supporting the Agenda for Prosperity with the necessary legislative measures.”

“On the immediate, our focus is on creating legislation that will help the government boost domestic demand and increase the competitiveness of domestic production to sustain and further accelerate economic recovery,” he maintained.