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The Philippine Chamber of Commerce and Industry is pushing for the passage of a number of economic measures in the incoming 20th Congress
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These measures include amendment of the charters of the Philippine Ports Authority and Civil Aviation Authority of the Philippines, International Maritime Trade Competitiveness Act, Magna Carta for Micro, Small, and Medium-sized Enterprises, National Quality Infrastructure Act, and Rationalization of the Mining Fiscal Regime
The Philippine Chamber of Commerce and Industry (PCCI) is pushing for the passage of a number of economic measures in the incoming 20th Congress, including those that affect the transportation industry.
These measures, which PCCI said will support and promote competitiveness and business growth, include the following:
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International Maritime Trade Competitiveness Act that mandates regulatory oversight of international shipping lines calling Philippine ports and aims to ensure that their shipping charges are based on international best practices, are reasonable and, subject to taxes.
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Amendment of the charters of the Philippine Ports Authority and Civil Aviation Authority of the Philippines to decouple their regulatory oversight and developmental functions. Under the bill, the developmental functions of the two agencies will be transferred to a private entity that will be responsible for the development and commercial functions of ports and airports, allowing PPA and CAAP to focus on their core function of regulatory oversight.
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Magna Carta for Micro, Small, and Medium-sized Enterprises to extend the mandatory allocation of MSME loans by banks and remove Bangko Sentral ng Pilipinas regulatory cover on SB Corporation to allow it to extend MSME development loans within an out-of-the-box framework.
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Rationalization of the Mining Fiscal Regime to finally have clarity and predictability in tax policies and enable long-term decisions in mining, where exploration to production can take 5 to 10 years.
PCCI president Enunina Mangio in a statement said the incoming Congress should prioritize these measures “to ensure an inclusive economy and a stronger Philippine business.” The 20th Congress starts session in July.
Proposed bills on these measures are either pending in the committee level of the current Congress, have passed one chamber but not the other, or have not cleared third and final reading.
“These are some of our wishes that hopefully, this new Congress will consider enacting. These reform measures are essential if we want to build a better and progressive economy,” Mangio said.
As the country anticipates the final and official results of the mid-term elections, she emphasized the importance of electing legislators who can champion policies that foster economic stability and growth and promote a conducive environment for business.
“At the most basic, leaders with integrity and good governance, are accessible and have constructive engagement with business, or at least have pro-business legislative track record that support reducing red tape and promote competition and SME growth,” Mangio said.
She said the country needs leaders who not only value good governance but also understand how laws impact the economy.
“Ideally, with good economic and financial literacy and understand global trade and investment because understanding how legislation affects the economy is crucial for drafting policies that encourage business development, job creation, and foreign investment,” Mangio added.
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