Speaker Martin Romualdez on Wednesday reiterated the commitment of Congress to support the initiatives and programs of President Ferdinand R. Marcos Jr. to make the Philippines a more investor-friendly place. Romualdez gave the assurance to members of the American Chamber of Commerce in the Philippines (AmCham) during their June general membership luncheon meeting at Fairmont Hotel in Makati City. ‘The 19th Congress, in partnership with President Ferdinand Marcos, Jr., is committed to creating an environment that fosters economic growth and attracts investments,’ he said. Romualdez vowed to promote policies that enhance the country’s “growth and prosperity”, noting that the country’s partnership with the American business community is vital to achieving these goals. Congress, he said, will work towards easing regulatory burdens and enhancing transparency to create a more business-friendly climate that attracts both local and foreign investors. Romualdez said the partnership between the executive and the legislative branches of the government resulted in a comprehensive legislative agenda that focuses on key sectors crucial for the nation’s development. He particularly cited that the ‘Build Better More’ program remains at the forefront of the government’s development efforts, thus the need for legislation that streamlines the permitting process, promotes public-private partnerships, and ensures the sustainable financing of infrastructure projects. ‘First and foremost, we aim to strengthen our infrastructure through the passage of landmark bills. Infrastructure development is a key driver of economic growth, and we are determined to address the gaps and bottlenecks that hinder our progress,’ he added. Romualdez said Congress is committed to passing laws that enhance the country’s education and skills development systems to ensure the Philippine workforce remains competitive and adaptable in the rapidly evolving global economy. ‘To further support economic growth, we will prioritize the passage of measures that improve our business environment. We recognize the need for tax reforms that promote simplicity, fairness, and competitiveness,’ he said. Romualdez highlighted that before the 19th Congress adjourned its first regular session this month, the lower chamber has approved 33 out of the 42 priority measures of the administration of President Marcos, three of which have been signed into law. ‘Among the measures that both Houses approved was the Maharlika Investment Fund bill, which seeks to create the country’s first-ever sovereign investment fund. This is designed to promote economic development by making strategic and profitable investments in key sectors including public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications,’ he said. The measure, which is now awaiting the signature of President Marcos, is expected to become a major source of the administration’s big-ticket infrastructure projects.
Source: Philippines News Agency