Members of the Joint Foreign Chambers asked the government to immediately issue the implementing rules and regulations of the amended Public Service Act (Republic Act No. 11659) and the Foreign Investments Act (RA 11647) to speed up the economic gains from the reform measures.
“Consistent with the aim of EO 166, which adopts the Economic Development Cluster’s ten-point policy agenda for pandemic recovery, to speed up and sustain the country’s recovery from the COVID-19 pandemic, we call on relevant government agencies to ensure that the IRRs on RA 11659 and 11647 are also issued, with sufficient stakeholder consultation, before the end of the current administration,” the JFC said in a statement.
RA 11659 allows 100-percent or full foreign ownership of airline, telecommunications, mass media, railways and logistical or shipping operators. RA 11647 allows qualified non-Philippine nationals to do business in the country or invest in a domestic enterprise up to 100 percent of its capital and liberalizes the practice of professions not governed by existing special laws.
JFC lauded the passage of these laws including the amendments to the Retail Trade Liberalization Act (RA 11595), which are all priority reforms of the Duterte administration.
“We likewise laud the recent issuance of the IRR on the Retail Trade Liberalization Act after consultation with concerned stakeholders,” it said.
“We share this administration’s thrust to propel the country’s economic recovery post-pandemic thru the enactment of game-changing economic liberalization laws. Prompt issuance of IRRs for these laws would hasten the realization of gains expected from the passage of these liberalization laws, to the benefit of the public,” the group said.
JFC also welcomed the statements by executive and legislative leaders to “get on with it” after the successful efforts to pass the reforms in Congress.
“The members of the JFC express strong support for the full implementation of these new laws and pledge our efforts to bring the reforms to the attention of appropriate firms in our member countries in the United States, Australia-New Zealand, Canada, Korea, Japan, and Europe and encourage these firms to invest in the Philippines,” the group said.
“With its large, growing economy, we see the Philippines benefiting from the capital, technology, and greater competition these reforms will bring in the form of more jobs and better products and services more widely available to the Filipino people,” it said
Members of the Joint Foreign Chambers include the American Chamber of Commerce of the Philippines, Australian-New Zealand Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce & Industry of the Philippines, Korean Chamber of Commerce of the Philippines and Philippine Association of Multinational Companies Regional Headquarters Inc.