2 financial reform bills sought for inclusion in priority list

MANILA, Philippines — Banking regulators lobbied for the inclusion of two more financial reform bills in the priority list under the Marcos administration, bringing to 44 the number of measures endorsed by the Legislative Executive Development Advisory Council.

In a statement on Wednesday, Speaker Martin Romualdez said officials of the Bangko Sentral ng Pilipinas made the proposal at a recent LEDAC meeting.

The two pieces of legislation – still pending at the lower chamber – are House Bills 7446 (Amendments to the Bank Deposits Secrecy Law) and 7393 (Anti Financial Accounts Scamming Act).

The House leadership under Romualdez has committed to approve a total of 20 priority measures before the year ends, including the two measures added to the Common Legislative Agenda.

“Rest assured that the House of the People will remain steadfast and committed to being partners of the executive branch to spur economic growth, alleviate poverty, augment health care services, and foster job creation for all Filipinos,” the Speaker said.

The House has so far approved 33 of the original 42 LEDAC-listed measures. Romualdez has affirmed his commitment to abide by the LEDAC agreement for the passage of 20 key administration measures before the end of 2023.

“I together with the rest of the members of the House will continue our efforts in realizing the President’s vision to greatly improve the economy, to reduce the prices of everyday commodities, and to increase the purchasing power of every Filipino citizen,” he said.

The 18 other measures are Amendments to the BOT Law/PPP Bill, National Disease Prevention Management Authority, Internet Transactions Act/E Commerce Law, Medical Reserves Corps, Virology Institute of the Philippines, Mandatory ROTC and NSTP, Revitalizing the Salt Industry, Valuation Reform, E-Government/E-Governance, Ease of Paying Taxes, National Government Rightsizing Program, Unified System of Separation, Retirement and Pension of MUPs; LGU Income Classification, Waste-to-Energy Bill, New Philippine Passport Act, Magna Carta of Filipino Seafarers, National Employment Action Plan, and Amendments to the Anti-Agricultural Smuggling Act.

Of the 20 priority measures due for approval before the end of the year, 16 had already been approved by the House on third and final reading during the First Regular Session from July 2022 to June this year.

The only four remaining measures are the National Rightsizing Program, Unified System of Separation, Retirement and Pension of MUPs, National Employment Action Plan, and Amendments to the Anti-Agricultural Smuggling Act.

“Rest assured that we, in the House of the People, will act on these pending measures with careful dispatch,” Romualdez said.