MediaStatement
March 24, 2022
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 the country’s recovery from the COVID-19 pandemic, we call on relevant government agencies to ensure that the IRRs on RA 11659and 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.
We express our willingness to work with the concerned government agencies during the consultation process on the IRRs so that they may be released soon and so that entry of new foreign investors is facilitated under the reform laws and not delayed by administrative bottlenecks. 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. The 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.