What are Congress’ priority measures for the economy?
Speaker of the House Sonny Belmonte opens the regular session of the 16th Congress on Monday prior to President Benigno S. Aquino III State of the Nation Address at the House of Representative in Quezon City. INQUIRER PHOTO / GRIG C. MONTEGRANDE
MANLA, Philippines –Speaker Feliciano Belmonte Jr. on Monday reiterated the leadership’s support for vital measures that seek to boost the country’s economy and promote the inflow of investments.
In his speech at the opening of the 16th Congress’ second regular session, Belmonte cited pending bills on the national competition policy, rationalization of fiscal and tax incentives, build-operate-transfer, Cabotage law, and the amendment to the Electric Power Industry Reform Act (Epira).
“We must also act swiftly on other bills intended to create a more conducive environment for the inflow of investments, and the generation of more and better job opportunities for our people,” Belmonte said.
He said a national competition policy that aims to “unify, codify, update, and streamline all legislation and regulations affecting competition in the country.”
Belmonte also said rationalizing fiscal and tax incentives “will send positive signals to investors who want clarity and consistency in trade and business rules and regulations.”
Belmonte added that the bills on cabotage, which seeks to lower transportation costs by introducing foreign ships in local ports, as well as build-operate-transfer and Epira “will promote infrastructure development.”
The Speaker cited Epira as needing amendments amid criticisms that the law, meant to increase competition in the power industry to lower cost, failed to achieve its purpose.
“Our country’s growth momentum is now put at risk by the chronic precarious power supply situation… The House Committee on Energy must now consolidate proposals to address the need for competitive bidding of bilateral contracts, and of establishing a genuinely competitive power market that fosters a level playing field for all stakeholders in the industry,” Belmonte said.
He added that Congress should also look into non-renewable natural resources, particularly on the extractive industries.
Belmonte cited the mining industry as needing to churn out profit at the same time take care of the environment.
“We have to make sure that the mining industry yields reasonable private gains that will redound to the competitiveness and efficiency of the industry. We must, however, guarantee that the government is given a just and lawful share from the proceeds of economic activities on our natural resources, and ensure minimum damage to the environment,” he said.
Belmonte made the speech as the lower Congress is expecting President Benigno Aquino III for his fifth State of the Nation Address (Sona).
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