Pass economic reform bills before 2016 polls, former NEDA chief urges Congress

A former socioeconomic planning secretary on Thursday urged Congress to pass "crucial" economic reform bills before the 2016 elections because the next administration might not support their enactment.

 

At a forum in Makati City, former National Economic and Development Authority Director-General Cielito Habito, listed six measures that he said are critical for inclusive growth and long-term development.

He added these reforms are "at risk of finding weak support from a possibly corrupt, populist leader or government."

 

He said Congress should focus on passing the Competition Law, which will create a national competition body to enforce a competition policy.

The Senate has already approved the measure on third and final reading.

 

While the House of Representatives has yet to hold floor debates on the bill, Sen. Benigno "Bam" Aquino IV, Senate Trade, Commerce and Entrepreneurship Committee chair, earlier said "his fearless and hopeful" forecast is that the measure will be passed into law by mid-2015.

 

Habito, NEDA chief during the Ramos administration, said Congress must also pass a Customs Modernization and Tariff Act to improve efficiency and to strengthen the trade facilitation role of customs.

 

A National Land Use Act will meanwhile provide a clear policy framework for land use and will address titling issues, he said.

He added Congress must also work to remove redundant fiscal incentives offered to attract investors and adopt a performance-based incentive system.

 

Habito added there is also a need to redefine "public utility" because the current definition is antiquated. He said that doing this will eliminate unnecessary regulation and attract more foreign investments.