Investment laws top NEDA’s 2019 legislative wish list

The National Economic and Development Authority (NEDA) on Wednesday urged Congress to focus on laws centering on attracting more investments into the country.

“Our priorities from the standpoint of NEDA will be the three bills that have to do with investment,” Socioeconomic Planning Secretary Ernesto Pernia said in a press conference in Pasig City.

The Legislative-Executive Development Advisory Council (LEDAC) is set to convene soon and work on the requests made by President Rodrigo Duterte during his State of the Nation Address (SONA) on Monday.

NEDA is the principal LEDAC Secretariat, organizing council meetings and determining the agenda as well as inviting the relevant participants.

It is also responsible for preparing the agenda folder and the discussion flow for the President, and the materials for the meeting.

Among the laws the executive is urging Congress to pursue are amendments to the Retail Trade Liberalization Law—easing the equity and capitalization requirements to improve the country’s investment climate.

NEDA also seeks to modify the Foreign Investment Act to reduce the threshold for foreign businesses investing $100,000 in SMEs to 15 direct employees from the 50 employees as currently mandated, and to exclude the “practice of professions” from the coverage of the law.

Another priority measure is amending the Public Utilities Act to narrow down the exclusive list of public utilities in electricity transmission and distribution, and waterworks and sewerage systems.

Other laws Pernia cited are the tax reform bill TRABAHO, national land use, and creating the Departments of Water and Disaster Resilience. These measures were also mentioned by the President in in his SONA.

“[The Department of] OFWs, I think, that needs further scrutiny at this time,” he said.

Duterte made the case for the creation of a department for overseas Filipino workers in light the abuses many suffer and endure mainly from their employers.

Earlier this month, Duterte said he was looking at transferring the recruitment of OFWs under the government’s direct and exclusive control. He called out private agencies over unfair practices and the abuse of migrants. —VDS, GMA News