Businessmirror july 26, 2016

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Tuesday, July 26, 2016 Vol. 11 No. 290

Duterte vows to do better in boosting PHL growth

We will initiate tax reforms he government will maintain toward a simpler current fiscal and monetary and more equitable policies, increase infrastructure tax system. We will spending, create more jobs and cut lower personal and income taxes to boost economic growth corporate income in the next six years, President Duterte tax and relax the said in his first State of the Nation Address bank-secrecy law.”— (Sona) on Monday. See “Duterte,” A2 President Duterte

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BUSINESSMEN, ANALYSTS LAUD DUTERTE’S SONA

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By Cai U. Ordinario

@cuo_bm

he first State of the Nation Address (Sona) of President Duterte may have been peppered with ad libs and jokes, but this did not turn off businessmen and economists. On the contrary, they said they were “impressed” by the President’s plans to grow the economy in the next six years by providing a “more stable” environment where businesses can thrive. “What really caught my attention was his emphasis on the pursuit of anything that will improve our lives within the bounds of the law. I think that impressed me the most,” University of Asia and the Pacific (UA&P) economist Cid Terosa said. Continued on A3

What I found lacking in the previous administration— the emphasis on the rule of law in the pursuit of economic prosperity—was strongly stressed this time.”—Terosa

Congress leaders bare PHL’s ‘archaic’ trade laws up for review top legislative agenda

17TH CONGRESS OPENS By Jovee Marie N. dela Cruz @joveemarie

Life

& Catherine N. Pillas

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Sports

C1

A

Second of three parts

art of President Duterte’s agenda is to position the Philippines as an attractive destination for foreign investments. In his first State of the Nation Address (Sona) on Monday, the President vowed to cut red tape and put in place measures to encourage more businessmen to set up shop in the Philippines. To help the Duterte administration, some members of the 17th Congress vowed to push for a review of laws that make it more difficult to do business in the country. A major priority for lawmakers is the amendment of the economic provisions of the 1987 Constitution. For businessmen, identifying unresponsive trade laws is a nobrainer—ask the question and they can give you a litany of these laws that need to be amended. Sergio Ortiz-Luis, president of

PESO exchange rates n US 47.0960

@butchfBM

fter their impressive victories, President Duterte’s bets to lead the House of Representatives and the Senate bared the legislative agenda of the Duterte administration and the 17th Congress “to effect meaningful and genuine change.” In his first speech at the House of Representatives, newly elected Speaker Pantaleon D. Alvarez said both the House of Representatives and Senate should give Mr. Duterte their full support through the immediate passage of the President’s priority bills. “We must give the President the necessary legislations, his tools to effect meaningful and genuine change. In sum, we, too, must be instruments of change,” Alvarez said. “Our mission in this 17th Congress is clear: to enact laws that will deliver to our nation and our people a future better than yesterday and brighter than today,” he said.

@c_pillas29

D1

& Butch Fernandez

Tax reform, mining

He also wants the implementing rules and regulations of the Magna Carta for Micro, Small and Medium Enterprises (MSMEs) revised “to strengthen the spirit of the law.”

Alvarez said the 17th Congress will prioritize the passage of tax-reform measures. “The law on income taxation should be simplified into one imposed on gross income progressively. Tax laws have become so complicated that they are exploited by corrupt BIR [Bureau of Internal Revenue] officials to extort money from taxpayers,” he said. “Ordinary individuals, for their part, choose not to pay taxes precisely because they do not understand tax laws. A simplified law on taxation would encourage people to pay taxes and contribute to a society that they know will take care of them,” he added. As for mining, Alvarez said Congress would like to see mining companies securing a legislative franchise before they are allowed to operate.

Continued on A2

See “Legislative agenda,” A12

A worker pulling a cartload of goods passes by a pile of container vans at the Manila North Harbor. Recent reports claim the Philippine Chamber of Commerce and Industry has proposed short- and longterm solutions addressing perennial congestion at the Port of Manila. NONIE REYES

the Philippine Exporters Confederation Inc., said amending the charter of the Bangko Sentral ng Pilipinas to underscore its mandate in fostering competitive exchange rate is on top of the list.

n japan 0.4438 n UK 61.9454 n HK 6.0712 n CHINA 7.0503 n singapore 34.6626 n australia 35.1195 n EU 51.7067 n SAUDI arabia 12.5576

Source: BSP (25 July 2016 )


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