Foreign chambers back passage of key reforms before 19th Congress adjourns

THE Joint Foreign Chambers (JFC) asked legislators to pass key economic measures, including the Konektadong Pinoy Act and the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, before the 19th Congress adjourns.

In a statement on Sunday, the JFC said that it sent letters to the House and Senate leaders noting the progress made in introducing and moving forward with measures to attract more investment and create jobs.

In the letter, the group indicated its support for bills that have “already secured (approval) from both chambers of Congress,” particularly “a number of important reforms have reached the last step of the legislative process, or the Bicameral Conference Committee,” the JFC said.

Apart from the Konektadong Pinoy Act, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, it also cited amendments to Republic Act No. 7652, or the Investor’s Lease Act.

According to the JFC, the Konektadong Pinoy Law will help provide accessible, affordable, and reliable internet.

Meanwhile, the proposed fiscal mining regime streamlines taxes on the industry to provide clarity and consistency for investors in critical minerals.

It sees the amendments to the Investor’s Lease Act creating a more predictable leasehold system to attract more foreign investment.

“As the 19th Congress nears its end, the JFC is hopeful that these three major reform bills will be enacted without delay,” it said.

“We see their passage as key to unlock new economic opportunities and strengthen the Philippines’ overall competitiveness in the ASEAN region,” it added. — Justine Irish D. Tabile