Foreign chambers laud passage of new economic reform laws, call for immediate issuance of IRRs
The members of the Joint Foreign Chambers laud the passage of three game changing laws, namely the amendments to the Retail Trade Liberalization Act (RA 11595), Public Service Act (RA 11659) and Foreign Investments Act (RA 11647), which are all priority reforms of the Duterte Administration.
We likewise laud the recent issuance of the IRR on the Retail Trade Liberalization Act (RA 11595) after consultation with concerned stakeholders.
Consistent with the aim of EO 166, which adopts the Economic Development Cluster's ten point policy agenda for pandemic recovery, to speed up and sustain recovery from the COVID-19 pandemic, we call on relevant government agencies to ensure that the IRRs on RA 11659 and 11647 are also issued, with sufficient stakeholder consultation, before the end of the current administration.
We share this administration’s thrust to propel the country’s economic recovery post pandemic thru the enactment of game-changing economic liberalization laws. Prompt issuance of IRRs for these laws would hasten the realization of gains expected from the passage of these liberalization laws, to the benefit of the public… Indeed, we welcome recent statements by executive and legislative leaders to “get on with it” after the successful efforts to pass the reforms in the Congress.
Members of the JFC express strong support for the full implementation of these new laws and pledge our efforts to bring the reforms to the attention of appropriate firms in our member countries in the United States, Australia-New Zealand, Canada, Korea, Japan, and Europe and encourage these firms to invest in the Philippines.
With its large, growing economy, we see the Philippines benefiting from the capital, technology, and greater competition these reforms will bring in the form of more jobs and better products and services more widely available to the Filipino people.
Members of the Joint Foreign Chambers are: American Chamber of Commerce of the Philippines; Australian-New Zealand Commerce of the Philippines; Canadian Chamber of Commerce of the Philippines; European Chamber of Commerce of the Philippines; Japanese Chamber of Commerce & Industry of the Philippines; Korean Chamber of Commerce of the Philippines; Philippine Association of Multinational Companies Regional Headquarters, Inc. Joint Foreign Chambers
