Marcos business legislative agenda backed

SPEAKER Ferdinand Martin Romualdez said the House of Representatives will be focusing on bills that will align with President Ferdinand “Bongbong” Marcos Jr.’s economic and fiscal agenda.

Speaker Ferdinand Martin Romualdez speaks during the Philippine Chamber of Commerce and Industry’s 3rd General Membership Meeting on Friday, Aug. 5, 2022, explaining the support of the House of Representatives for the business legislative agenda of the Marcos administration. PHOTO BY J. GERARD SEGUIA

Speaking at the Philippine Chamber of Commerce and Industry’s 3rd General Membership Meeting on Friday, Romualdez said the lower chamber supports President Marcos’ Medium-Term Fiscal Framework (MTFF) that aims to reduce the country’s deficit, promote fiscal sustainability and enable robust economic growth.

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

“I daresay that this event is a historic one as to my knowledge, this the first time our legislators are fully committed themselves to a framework that will serve as an anchor for the spending of the national government for the next six years,” he said.

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“We are aligning our congressional initiatives with the economic recovery programs of the national government. President Marcos Jr. listed 19 legislative measures that he wants prioritized for approval, and some of these may have come from your suggestions here in the PCCI,” Romualdez said.

The measures mentioned in the meeting are as follows: The GUIDE Act, or Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery 2. Valuation Reform Bill; Pifita or Passive Income and Financial Intermediary Taxation Act; E-government Act; Internet or E-commerce Act; National Land Use Act; enactment of an enabling law for the natural gas industry; amendments to the electric power industry format or the Epira law; and amendments to the Build, Operate and Transfer Law.

Romualdez hopes that in the future, most of these initiatives will get passed as these will help the country’s economy recover.

“Majority of the priority measures spelled out by President Marcos Jr. in his State of the Nation Address are principally endorsed by no less than your House speaker, so I expect my fellow legislators to act on these bills. One thing I assure you, as stakeholders, you will be consulted in every measure that we will tackle. Please make your decisions very clear so that all of you here in the PCCI can be heard before we pass these measures,” he said.