Senate President Chiz Escudero banged the gavel on Monday, July 22, 2024, to open the Third Regular Session of the 19th Congress, ahead of President Ferdinand Marcos Jr.’s third State of the Nation Address (SONA).
Legislative mills started to grind as senators buckled down to work to pass priority measures addressing the economic woes of the country.
“We will focus on what was agreed upon during the recent LEDAC (Legislative-Executive Development Advisory Council) meeting under the Common Legislative Agenda,” Escudero said.
Ten bills agreed during the meeting include amendments to the Electric Power Industry Reform Act (EPIRA); Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill; and Amendments to the Foreign Investors’ Long-Term Lease Act.
The veteran legislator said changing some provisions in the EPIRA law is long overdue.
“Amendments to the EPIRA should accelerate national efforts toward a more energy-secure country.”
“Amendments to the EPIRA should accelerate national efforts toward a more energy-secure country,” the seasoned lawmaker said.
The CREATE MORE Act, on the other hand, would help improve the current regulations by enhancing the tax and administrative incentives available to companies, and clarifying rules on implementing VAT incentives, the senator explained.
He said amendments to the Foreign Investors’ Long-Term Lease Act would also reinforce the opening of the economy to foreign investments by extending the lease of private lands (excluding agricultural lands) to foreigners from a maximum of 75 years to 99 years from the current 50 years.
This will stabilize long term leases with the grant of a certificate of leasehold while allowing leaseholders to collateralize the land.
Aside from these three proposed measures, other priority bills in the Common Legislative Agenda are:
· Reforms to Philippine Capital Markets to facilitate capital raising for Filipino companies through the stock market and boost the value of pension funds invested in the Philippine stock market by reducing taxes on stock transactions and equalizing the dividend tax;
· Archipelagic Sea Lanes Act to strengthen the country’s sovereignty over its archipelagic waters and maritime resources;
· Amendments to the Right-of-Way Act to expedite the implementation of critical infrastructure projects by streamlining the right-of-way acquisition;
· Excise Tax on Single-Use Plastics to encourage sustainable consumption and production, and reduce plastic waste generation;
· Rationalization of the Mining Fiscal Regime to enable the nation to better reap the benefits of the Philippines’ rich mineral resources by introducing a straightforward and streamlined fiscal policy;
· Department of Water Resources to institutionalize a primary agency responsible for comprehensive and integrated water resources development and management; and,
· Amendments to the Rice Tariffication Law which aims to enhance and refine the existing legislation governing rice importation and trade.
To hasten the passage of these bills, Escudero said the Senate will hold legislative sessions on Thursdays to boost the number of working session days that are usually affected by the rainy season as well as breaks for the upcoming midterm elections.
“We will set aside an extra day, Thursday, to discuss these measures, approve these as far as we can because we only have about 70 days left before this Congress ends. 70 session days absent any typhoons, calamities that might cause us to declare suspension of session or work,” he explained.
“To include session days on Thursdays, the Senate will have a total of 93 session days.”
To include session days on Thursdays, Escudero said the Senate will have a total of 93 session days.
He also said the Senate is committed to upholding and prioritizing transparency and accountability. Hence, the importance of conducting hearings and investigations while balancing legislative responsibilities.
“We must also ensure the thorough and transparent conduct of these hearings. All voices must be heard,” Escudero stressed.
He further maintained that the President is the chief architect of the country’s foreign policy.
“As an independent, co-equal branch of government, the Senate will be supportive of passing legislation or ratifying treaties that it deems consistent with our national interest and constitutional principles,” Escudero concluded.
