Foreign business groups have urged President Ferdinand Marcos Jr. to focus on fully implementing recently enacted economic reforms while pushing for the passage of key investment-related measures to further improve the country’s business climate.
In a letter dated Tuesday, ahead of the President’s State of the Nation Address next week, the Joint Foreign Chambers of the Philippines (JFC) outlined legislative and executive priorities it said would help translate policy reforms into higher investments, greater productivity and more jobs.
The JFC said the government should prioritize the effective implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, the Ease of Doing Business Act and the Ease of Paying Taxes Act, while strengthening the Anti-Red Tape Authority.
The group also renewed its call for faster processing of value-added tax (VAT) and creditable withholding tax (CWT) refunds, describing delays as a long-standing concern among foreign investors.
Foreign business groups have consistently cited regulatory inefficiencies, bureaucratic delays and the ease of doing business as among the biggest challenges faced by companies operating in the Philippines.
On the legislative front, the JFC urged Congress to prioritize 12 investment-related measures, including amendments to the Electric Power Industry Reform Act (EPIRA), the Cybersecurity Act, the Digital Economy Act, the Freedom of Access to Information Act, the National Single Window System Act, the National Land Use Act, the Artificial Intelligence (AI) Act, the Blue Economy Act, amendments to the Civil Aviation Authority Act and the Philippine Ports Authority Charter, the Holiday Rationalization Act, and measures further liberalizing foreign equity restrictions.
According to the JFC, these measures would modernize the country’s regulatory framework and strengthen its competitiveness as an investment destination.
The group also identified several executive actions that could be implemented without new legislation, including stricter enforcement of the Ease of Doing Business, CREATE MORE and Ease of Paying Taxes laws; a review of Administrative Order No. 23 on the Digital and Integrated System for the Pre-Border Technical Verification and Cross-Border Electronic Invoicing of All Import Commodities; streamlined visa processing for foreign nationals; a reassessment of the Food and Drug Administration’s revised registration fees; a review of the implementation of the Extended Producer Responsibility (EPR) Act; and broader stakeholder consultations on emerging food regulations, including the Philippine Nutrient Profile Model.
The JFC also urged the administration to sustain its trade agenda by concluding free trade agreement negotiations with the European Union and Canada.
The Department of Trade and Industry has said it aims to complete both negotiations before the end of the year.
‘Recent reform gains demonstrate the value of sustained government and private sector collaboration,’ the JFC said.
‘Building on this progress will be instrumental to strengthening competitiveness, attracting investment, creating quality employment, and sustaining long-term economic growth,’ it added.
The Joint Foreign Chambers of the Philippines is composed of the American Chamber of Commerce of the Philippines, the Canadian Chamber of Commerce of the Philippines, the European Chamber of Commerce of the Philippines, the Japanese Chamber of Commerce and Industry of the Philippines Inc., the Korean Chamber of Commerce Philippines Inc., and the Philippine Association of Multinational Companies Regional Headquarters Inc.