Speaker Ferdinand Martin Romualdez assures members of the American Chamber of Commerce in the Philippines of Congress’ commitment to fostering international trade and collaboration.
MANILA, Philippines–House Speaker Ferdinand Martin G. Romualdez assured American businesses on Wednesday of the commitment of Congress to support the initiatives of President Ferdinand R. Marcos, Jr. aimed at making the Philippines a more investor-friendly environment.
Speaking to members of the American Chamber of Commerce in the Philippines (AmCham) at their June General Membership Luncheon Meeting at the Fairmont Hotel, Romualdez emphasized the partnership between the Executive and Legislative branches in the nation’s economic growth and investment attraction.
“The 19th Congress, in partnership with President Ferdinand Marcos, Jr., is committed to creating an environment that fosters economic growth and attracts investments,” Romualdez said.
“As Speaker of the House of Representatives, it is my duty to promote policies that enhance the growth and prosperity of our nation, and I believe that our partnership with the American business community is vital to achieving these goals,” he added.
Romualdez said that Congress is committed to addressing infrastructure development, a key driver of economic growth. He noted that their efforts aim to rectify issues that have been stalling progress. The government’s “Build Better More” program, he said, stays at the forefront of development initiatives.
“We aim to strengthen our infrastructure through the passage of landmark bills. Congress would push for legislation that streamlines the permitting process, promotes public-private partnerships, and ensures the sustainable financing of infrastructure projects,” Romualdez said.
Romualdez also emphasized the commitment of Congress to enhancing the country’s education and skills development systems to remain competitive in the global economy. He said that they would prioritize measures to improve the business environment, including tax reforms promoting simplicity, fairness, and competitiveness.
“We will also work towards easing regulatory burdens and enhancing transparency to create a more business-friendly climate that attracts both local and foreign investors,” he said.
Romualdez also said the 19th Congress would focus on sustainable development, transitioning to renewable energy sources, and addressing climate change. They also plan to enhance the justice system’s efficiency, tackle corruption, and safeguard citizens’ rights and freedoms.
He said that before adjourning its First Regular Session this month, the 19th Congress had approved 33 out of the 42 priority measures of the Marcos administration, three of which have been signed into law.
He cited the Maharlika Investment Fund bill, which seeks to create the country’s first-ever sovereign investment fund, as an example of approved measures. This fund, Romualdez noted, “is designed to promote economic development by making strategic and profitable investments in key sectors including public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications.”
As the bill awaits Marcos’ signature, it is expected to become a major funding source for the administration’s large-scale infrastructure projects.
Romualdez noted that the ongoing global conflicts and the pandemic have caused financial disruptions and reversed the country’s economic gains, necessitating an aggressive approach to expanding the country’s revenue sources.
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