June 27, 2022

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Rules for economic reform laws sought

2 min read
Airplanes are seen on the runway at the Ninoy Aquino International Airport, March 20. — PHILIPPINE STAR/ MICHAEL VARCAS

By Revin Mikhael D. Ochave, Reporter

FOREIGN business chambers are pressing the government to immediately issue the implementing rules and regulations (IRR) of recently signed laws amending the Public Service Act (PSA) and Foreign Investment Act (FIA) before President Rodrigo R. Duterte steps down from office by end June.

“Consistent with the aim of Executive Order 166, which adopts the Economic Development Cluster’s 10-point policy agenda for pandemic recovery, to speed up and sustain the country’s recovery from the coronavirus disease 2019 (COVID-19) pandemic, we call on relevant government agencies to ensure that the IRRs on Republic Act (RA) 11659 and RA 11647 are also issued, with sufficient stakeholder consultation, before the end of the current administration,” members of the Joint Foreign Chambers (JFC) said in a statement on Monday.

Mr. Duterte last month signed RA 11659, which amends the 85-year-old Commonwealth Act No. 146, or the PSA Act, easing restrictions on full foreign ownership of businesses in key sectors such as telecommunications, shipping, airlines, railways and subways.

He also signed into law RA 11647, which amends the Foreign Investment Act in order to make the Philippines more attractive to foreign investors.

“We share this administration’s thrust to propel the country’s economic recovery post pandemic through the enactment of game-changing economic liberalization laws,” JFC said. “Prompt issuance of IRRs for these laws would hasten the realization of gains expected from the passage of these liberalization laws, to the benefit of the public.”   

Foreign business groups have been pushing for the passage of these measures, along with RA 11595 or the amendments to the Retail Trade Liberalization Act, to attract foreign capital needed to drive Philippine economic recovery from the coronavirus…

Neil

2022-04-04 12:33:54

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