Speaker Ferdinand Martin G. Romualdez speaks about the gains achieved during the state visit of President Ferdinand "Bongbong" R. Marcos Jr. in Malaysia, particularly on a private business agreement expected to invest an estimated US $3 billion in the Philippine transport sector.
SPEAKER Ferdinand Martin G. Romualdez on Friday expressed his gratitude to President Ferdinand R. Marcos, Jr. for acknowledging the critical role of Congress in promoting the Philippines as an ideal investment destination to create more job opportunities for the Filipino workforce.
Romualdez was part of the official delegation of Pres. Marcos on his three-day state visit to Malaysia, which yielded up to US$285 in investment pledges expected to create over 100,000 jobs.
“We are grateful to President Marcos for citing the key legislations we had passed and the critical need for collaboration between the Executive and the Legislative in making the Philippines a more investor-friendly place,” Romualdez said.
“This motivates us even more in the House of Representatives to redouble our efforts at passing the remaining priority bills before the end of 2023, which are needed to sustain our robust economic growth and enhance our competitiveness to draw in more investments that would mean more jobs and livelihood for our people,” he added.
Romualdez was referring to the remarks of Pres. Marcos during his Roundtable Meeting with Malaysian top business leaders where the Chief Executive cited his administration’s investor-friendly policies and programs.
The President noted that more sectors have been opened up for foreign ownership through the passage of the Retail Trade Liberalization Act, the Foreign Investments Act, the Public Services Act (PSA), and the Renewable Energy (RE) Act.
In addition, Pres. Marcos pointed out that corporate taxation has become more business-friendly with lowered tax rates and improved mechanisms for tax and tax incentives.
However, he noted that many more amendments are needed to fully modernize the country’s business environment, especially on taxation, procurement, and accounting, among others.
At this point, Pres. Marcos introduced to the Malaysian businessmen the lawmakers who are part of his official delegation in his three-day state visit to Malaysia.
“I would also like to introduce the gentlemen seating on my left here is the Speaker of the House, Speaker Martin Romualdez and he is a critical part here, and the rest, we have two senators also here, Senator JV Ejercito and Senator Mark Villar, who have been critical in assisting us pushing this legislation – these amendments to the legislation through Congress. And to get this amendment— to get the new laws enacted,” the President said.
Pres. Marcos also cited the investment-friendly reforms and programs instituted with the help of Congress, as well as new laws needed, in his message to the Malaysian business community during the Philippine Business Forum held at EQ Hotel in Kuala Lumpur.
Romualdez earlier vowed that the House would pass the remaining 10 priority measures Pres. Marcos has identified in his 2nd State of the Nation Address (SONA) before the end of this year—four in October and six in December—having already approved seven out of the 17 priority legislation outlined in the SONA.
Likewise, Romualdez vowed for the swift passage of the proposed P5.768-trillion national budget for 2024.
The four SONA priority measures for approval by October are:
1. Anti-Agricultural Smuggling
2. Amendments to the Cooperative Code
3. Tatak Pinoy
4. Blue Economy
The six remaining priority measures for approval by December are:
1. Motor Vehicle User’s Charge
2. Military and Uniformed Personnel (MUP) Pension
3. Revised Procurement Law
4. New Government Auditing Code
5. Rationalization of Mining Fiscal Regime
6. National Water Act.
