A legislative agenda to increase competitiveness and attract investors
THE global economy is a complex mix of government and business relationships that can be influenced positively only with a good standing and effective messages delivered with suitable communication skills. To succeed in this globalized world, each country has to devise its own plans for success, identifying markets for its particular set of products, services, and business opportunities. A country with beautiful natural surroundings, great tourist destinations, and wonderful exports is likely to enjoy a positive image, an identity that will serve to multiply its exports, tourism, and lure investors. Among the other factors that spell economic success, it is important that nations should have marketing strategies and a legislative agenda that can survive leadership changes.With the aim of boosting the country’s competitiveness and attracting more investors, 17 local and foreign business groups have called on the 14th Congress to act on a list of proposed new laws which would greatly elevate the level of economic growth of the Philippines. These business organizations are active in the National Competitive Council, a collaboration between the government and the private sector whose main function is draw up and redefine an action agenda to attract investors to the country. Local business chambers and industry associations called on lawmakers to establish an ad hoc committee on competitiveness composed of key committee chairmen that would advise the Senate and the House of Representatives on a legislative agenda.
Included in the legislative wish list agenda is a call for changes in the Build-Operate-Transfer Law, the Local Government Code, the Customs Brokers Act, and the Magna Carta for Small and Medium Enterprises. The business groups also requested new laws ensuring freedom of access to information, reforming land administration, institutionalizing the use and promotion of renewable energy, simplifying taxation on net income and rationalizing taxes on the financial sector and providing fiscal incentives as well as restrictions on foreign investments.
These present great opportunities for the country to build on recent gains, establish a good reputation in the world, enable it to export its products, and attract investments to develop its economy. The ability to thrive in the economy in an investment road ridden with potholes will rest heavily on a country’s capacity to use and create laws favorable to the business community and beneficial to the economy.
