Economy · August 6, 2022

Marcos’ corporate legislative agenda supported

THE REPORTER Ferdinand Martin Romualdez said the House of Representatives will focus on bills that align with President Ferdinand “Bongbong” Marcos Jr ..

Speaker Ferdinand Martin Romualdez speaks during the 3rd general meeting of members of the Philippine Chamber of Commerce and Industry on Friday, August 5, 2022, explaining the House of Representatives’ support for the Marcos administration’s corporate legislative agenda. PHOTO BY J.GERARD FOLLOWS

Speaking at the 3rd general meeting of members of the Philippine Chamber of Commerce and Industry on Friday, Romualdez said the lower house supports President Marcos’ medium-term fiscal framework (MTFF) which aims to reduce the country’s deficit, promote fiscal sustainability and enable solid economic growth.

“The House of Representatives adopted last Monday, July 25, 2022, the Concurrent Resolution No. 2, which expresses the full support of the Chamber to the MTFF drafted by the administration of President Ferdinand ‘Bongbong’ Marcos Jr.”, Romualdez, the representative of the first district of Leyte, he explained.

“I dare say this event is historic as far as I know, this is the first time that our lawmakers are fully committed to a framework that will serve as a benchmark for national government spending for the next six years,” he said.

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“We are aligning our Congressional initiatives with the national government’s economic recovery programs. President Marcos Jr. has listed 19 legislative measures he wants to prioritize approval, and some of these may come from his suggestions here at the PCCI.” Romualdez said.

The measures mentioned in the meeting are as follows: The GUIDE Act, ie Unified Initiatives of Government Financial Institutions for Businesses in Difficulty for Economic Recovery 2nd valuation reform bill; Pifita or law on the taxation of financial intermediaries and passive income; e-government law; Internet or e-commerce law; national law on land use; enactment of a proxy law for the natural gas industry; changes to the format of the electricity industry or to the Epirus law; and amendments to the Construction, Management and Transfer Act.

Romualdez hopes that most of these initiatives will be approved in the future as it will help the country’s economy recover.

“Most of the priority measures spelled out by President Marcos Jr. in his State of the Nation address are primarily endorsed by none other than your House Speaker, so I expect my fellow legislators to act on these bills. One thing. I assure you, as an interested party, you will be consulted in every measure we address. Please make your decisions very clearly so that all of you here in the PCCI can be heard before approving these measures, “he said.