Among the government’s priorities before President Rodrigo Duterte’s term reaches its end are 14 bills, some of which aim to support or spur on the country’s economic recovery.
According to finance secretary Carlos Dominguez III, this was agreed upon in a meeting of the Legislative Executive Development Advisory Council (LEDAC).
“[W]e agreed on a menu of measures that have to be passed before the election period begins sometime in March of next year,” he announced.
Among these proposed measures are three bills meant to help revive the economy, which economic managers have pushed for.
The Retail Trade Liberalization Act and amendments to the Foreign Investments Act and Public Service Act, the government hopes to attract more foreign investment.
Government also aims to complete remaining tax reform packages that to simplify, rationalize and improve efficiency of the tax system. In particular, these are packages 3 and 4 under which fall real property valuation and assessment and taxation of passive income and financial intermediary.
The Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill, meanwhile, aims to help out strategically important companies with solvency issues.
Dominguez said that providing subsidies are not the answer to everything as it would “fuel inflation without driving expansion”, plunging the nation into even more debt later on.
“The more sustainable path to recovery is to foster the revival of our enterprises and the restoration of consumer activity,” he said. “A strong private sector is the key to our recovery strategy.”