Phl macroeconomic environment up by 44 ranks from 68th to 24th place, says Belmonte

Speaker Feliciano Belmonte Jr. said the country’s macroeconomic environment, one of the 12 major pillars of the competitiveness report, has improved by 44 ranks from 68th to 24th.

He also reported that Congress enacted “game-changing” laws to bolster competitiveness of the economy and sustain economic growth that made the nation one of the best performers among the emerging economies.

The measures cited were:

• Republic Act No. 10667, Providing for a National Competition Policy prohibiting Anti-Competitive Agreements, Abuse of Dominant Position and Anti-Competitive Mergers and Acquisitions.
• RA 1668, Allowing Foreign Vessels to Transport and Co-load Foreign Cargoes for Domestic Transshipment.
• RA 10708, Instituting the Tax Incentives Management and Transparency Act (Timta).
• RA 10659, Promoting and Supporting the Competitiveness of the Sugarcane Industry.
• RA 10697, Preventing the Proliferation of Weapons of Mass Destruction by Managing the Trade of Strategic Goods, the Provision of Related Services, and for other purposes.

On the creation of job opportunities, make Filipino professionals and workers more competitive, and increase their take-home pay, the following laws were enacted:

RA 10691, Defining the Role of the Department of Labor and Employment, the Local Government Units and Accredited Non-Government Organizations in the establishment and operation of the Public Employment Service Office (Peso) and Job Placement Offices.

RA 10665, Establishing the Open High School System in the Philippines.

RA 10679, Promoting Entrepreneurship and Financial Education among Filipino Youth.

RA 10693, Strengthening Non-Governmental Organizations (NGOs) engaged in Microfinance Operations for the Poor.

Relative to the enhancement of the quality and competitiveness of Filipino professionals, Belmonte cited the following:

• RA 10657, Regulating and Modernizing the Practice of Chemistry in the Philippines.
• RA 10688, Regulating the Practice of Metallurgical Engineering in the Philippines.
• RA 10706, Protecting Seafarers against Ambulance Chasing and Imposition of Excessive Fees.
• RA 10698, An Act to Regulate and Modernize the Practice of Naval Architecture in the Philippines.
• RA 10690, Regulating the Practice of Forestry in the Philippines.
• RA 10699, Expanding the Coverage of Incentives Granted to National Athletes and Coaches.

To increase the take-home pay of workers, which would benefit them starting this Christmas, Belmonte cited RA 10953, “Adjusting the 13th Month Pay and other Benefits Ceiling for purposes of Income Taxation.”

Congress likewise faced issues related to the effects of climate change, measures to improve the preparedness of the people and reduce, if not mitigate, the damage and casualties from natural disasters. The legislative list included the following:

• RA 10692, Providing for the Modernization of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa);

n RA 10654, To Prevent, Deter and Eliminate Illegal, Unreported and Unregulated Fishing, amending RA 8550, otherwise known as the Philippine Fisheries Code of 1998.

And last but equally vital to sustainable and meaningful inclusive growth, Belmonte underscored the need to improve and strengthen the country’s justice system that not just requires the creation of additional trial courts all over the country, but laws like the following:

• RA 10660, Strengthening further the Functional and Structural Organization of the Sandiganbayan.
• RA 10655, Repealing the Crime of Premature Marriage. PNA