House Majority Leader Martin Romualdez on Friday said the House of Representatives would exercise its oversight function to ensure compliance with certain business laws enacted to make the economy more competitive.
Romualdez, Leyte representative and chairman of the House committee on rules, said Congress would see to it that Ease of Doing Business Law and the Anti-Red Tape Act were properly implemented.
“In the days to come, the House of Representatives will exercise its oversight function to ensure that these laws are being implemented faithfully,” said Romualdez, a former corporate executive.
In the Senate, Majority Leader Miguel Zubiri described as “noteworthy” the Philippine’s jumping over 29 other countries from 124th to 95th in the World Bank ranking because of the Ease of Doing Business law.
He said Congress had hurdled major stumbling blocks and “we are hoisting that as a challenge to the whole of government.”
Zubiri is the major author and sponsor of the Ease of Doing Business Act (R. A. No. 11032).
He noted the WB recognized the major legislative accomplishments which impacted immediately on starting a business, securing construction permits, protection of minority investors and paying taxes, but not necessarily on improved collection efficiency and administration.”
As of last year, the Bureau of Internal Revenue suffered from weak interconnection to hardware meltdown during tax deadlines.
Zubiri stressed that “all government agencies have been tasked to improve and speed up delivery of services.
“We have even provided for stringent penalties for non-compliance.”
However, he said making a go of our economic and social aspirations calls on all government frontline and regulatory agencies, not just a few, to adhere to the framework of the EODB.
“We have to erase all red tape to achieve economic growth and eliminate poverty. That’s the basic step to push business activities and delivery of social goods to our people,” he said.
“While I note the enhanced Anti-Red Tape Authority as critical to our continued success, there remains much to be done,” he added.
At the same time, Romualdez said the House leadership would expedite the passage of bills intended to attract more foreign investments.
These included the proposed Public Service Act which is pending on second reading approval and Foreign Investment Act that was transmitted to the Senate.
“We, in Congress, also remain committed to the approval of other pending measures required to improve our credit ratings. With these reforms, we trust that our march to progress will be steady and swift,” said Romualdez, a lawyer and both president of the Philippine Constitution Association and Lakas-Christian Muslim Democrats.
Deputy Speaker and Batangas Rep. Raneo Abu credited President Rodrigo Duterte’s economic reforms that propel the country’s economy to greater heights.
“We hail President Duterte’s strong and genuine economic reforms behind the Philippines’ big leap in the ranking of World Bank ease of doing business. It’s a huge development to attract more foreign and local investments to the country,” said Abu
Abu added “it goes to show that President Duterte’s sound economic structural reforms are behind the country’s increasing investors confidence.”
On Thursday, Romualdez welcomed the significant improved ranking of Philippine competitiveness in the WB ease of doing business survey.
