AmCham Urges Passage of 10 Bills
American businessmen are urging Congress to pass some pending bills and for the executive branch to issue the implementing rules and regulations on some laws, which they believe are crucial to the improvement of the country's competitiveness.
In a statement, the American Chamber of Commerce of the Philippines (AmCham) cited three laws that have been passed but cannot be implemented because of the lack of their respective IRRs.
These laws are Credit Information System Act, which was signed by President in October last year; Personal Equity Retirement Account Act signed in August last year; and the Renewable Energy Act signed in December last year.
There are also 10 reform bills still pending in both in the upper and lower house of Congress but still to be acted, AmCham said in a statement.
These bills include the Agri-agra amendments pending in the House and Senate; Customs Brokers Act amendment pending in the Senate; Department of ICT pending in the Senate; Freedom of Access of Information pending in the Senate; National Tourism Policy pending in bicam; Pre-Need Code pending in the House; Rationalization of Fiscal Incentives pending in the House and Senate; Real Estate Investment Trust (REIT) also pending in the House and Senate; Residential Free Patent pending in the Senate; and the Philippines' accession to the Revised Kyoto Convention, the global agreement on simple and harmonized customs standards and practices. …