As the country anticipates the final and official results of the mid-terms elections, the Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, hopes for the new Congress to pass economic measures that support and promote competitiveness and business growth.

PCCI President Enunina V. Mangio outlined the critical bills that the legislative should prioritize to ensure an inclusive economy and a stronger Philippine business. Some of them include:

• Magna Carta for MSMEs to extend the mandatory allocation of MSME loans by banks and remove the BSP regulatory cover on SB Corporation to allow it to extend MSME development loans within an out-of-the-box framework.
• International Maritime Trade Competitiveness that mandates regulatory oversight of international shipping lines and ensure that the shipping charges are based on international best practices, reasonable and, subject to taxes, as these are charged at a local level.
• PPA and CAAP Charter Amendment to decouple the regulatory oversight and developmental functions of the Philippine Ports Authority and the Civil Aviation Authority of the Philippines. The developmental functions be given to a private entity that will be responsible for the development and commercial functions of ports, allowing PPA and CAAP to focus on their core function of regulatory oversight.
• National Quality Infrastructure Act that will facilitate the access of our local products to global markets by ensuring that these meet international quality benchmarks/standards.
• Rationalization of the Mining Fiscal Regime to finally have clarity and predictability in tax policies and enable long-term decisions in mining, where exploration to production can take 5–10 years.

“These are some of our wishes that hopefully, this new Congress will consider enacting. These reform measures are essential if we want to build a better and progressive economy,” Mangio said.

The PCCI president also emphasized the importance of electing legislators who can champion policies that foster economic stability and growth and promote a conducive environment for business.

“At the most basic, leaders with integrity and good governance, are accessible and have constructive engagement with business, or at least have pro-business legislative track record that support reducing red tape and promote competition and SME growth,” she added.

She said that the country needs leaders who not only value good governance but also understand how laws impact the economy. “Ideally, with good economic and financial literacy and understand global trade and investment because understanding how legislation affects the economy is crucial for drafting policies that encourage business development, job creation, and foreign investment,” Mangio added.

PCCI also highlighted key legislative achievements from previous Congress that have positively impacted the business climate, including the Ease of Doing Business Act, Public Service Act Amendments, and the TRAIN, CREATE, and CREATE MORE laws.