PCCI to new Congress: Enact key reforms to boost economy

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, has urged incoming lawmakers of the 20th Congress to prioritize the passage of pending economic reforms in both the House and Senate that support and promote the competitive growth of enterprises.

Included on the list of bills that should be passed by the new congressmen and senators, according to PCCI president Enunina Mangio on Tuesday, were the Magna Carta for MSMEs to extend the mandatory allocation of MSME loans by banks and remove the BSP regulatory cover on SB Corporation to allow it to extend MSME development loans within an out-of-the-box framework.

Also, the PCCI president urged to enact into law the International Maritime Trade Competitiveness that mandates regulatory oversight of international shipping lines and ensure that the shipping charges are based on international best practices, reasonable, and, subject to taxes, as these are charged at a local level.

“The PPA (Philippine Ports Authority) and CAAP (Civil Aviation Authority of the Philippines) Charter Amendment to decouple the regulatory oversight and developmental functions of the Philippine Ports Authority and the Civil Aviation Authority of the Philippines. The developmental functions will be given to a private entity that will be responsible for the development and commercial functions of ports, allowing PPA and CAAP to focus on their core function of regulatory oversight,” she said.

Lastly, she said the National Quality Infrastructure Act should also be passed, which will facilitate the access of our local products to global markets by ensuring that these meet international quality benchmarks/standards, and the 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 5–10 years.

“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.

The PCCI president also 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 a pro-business legislative track record that supports reducing red tape and promotes competition and SME growth,” she added.

Further, she said that 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 understanding of 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.

PCCI also highlighted key legislative achievements from previous Congress that have positively impacted the business climate, including the Ease of Doing Business Act, Public Service Act Amendments, and the TRAIN, CREATE, and CREATE MORE laws.

The 20th Congress will open on 2 June.