The passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and the amendments to Republic Act (RA) 9160 or the Anti-Money Laundering Act (AMLA) of 2001 are the top agenda of the House of Representatives.
In a statement Sunday, House Majority Leader Martin Romualdez said they will work double-time in passing two of President Rodrigo Duterte’s priority measures.
He reiterated that the Executive Department has marked both measures as important legislation that are seen to help the country from the adverse economic effect of the on-going Covid-19 pandemic.
“These (bills) are administration measures which the Department of Finance classified as vital for our economic recovery program. We are going to harmonize immediately the differences between the Senate and the House versions during the bicameral conferences,” Romualdez said.
The bicameral conference committees for both measures are expected to convene once the House and Senate open session this week.
Romualdez also explained anew that CREATE will provide businesses including the micro, small, and medium enterprises the “largest economic stimulus” measure to cushion the impact of the health crisis.
The amendments to the AMLA, on the other hand, will prevent the inclusion of the Philippines in the Financial Action Task Force’s so-called gray list.
“This measure seeks to address the deficiencies in the anti-money laundering law and to implement regulations that will improve efforts to curb terrorist financing,” Romualdez said.
The House leader also acknowledged his colleagues in the Senate for ensuring prompt action on these important measures.
“We need all these laws if we are to bounce back from the economic ravages caused by the Covid-19 pandemic,” he said.
On the other hand, Romualdez has committed anew to work on the charter change as pushed by House Speaker Lord Allan Velasco.
Together with the two measures that are yet to be approved by Congress, Romualdez said amendments to the so-called restrictive economic provisions of the Constitution will likewise boost the Philippines’ economic growth.
“We will keep our dedication, commitment, passion, and the flame burning in pursuing Charter change until we reap the real benefits of genuine constitutional reforms for our children and the succeeding generations,” Romualdez said.
“We need to create opportunities and for strong economic growth to be felt also by ordinary people,” he added.
Apart from the aforementioned bills that the House will act on, the Chamber will also approve on final reading the following measures: HB 08097 or the Additional Benefits for Solo Parents, proposed laws Instituting the Magna Carta of Filipino Seafarers, and Extending the Implementation of the Lifeline Rate.