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BBM to enjoy fruits of DU30 reforms

May 12, 2022 Mario Fetalino Jr. 284 views

Mario FetalinoTHE administration of imminent presidential election winner Ferdinand Marcos Jr. will reap the benefits of major economic reforms legislated in the past six years.

Trade Secretary Ramon Lopez said the fruits of the current reforms will be felt in the administration of Marcos who clinched an overwhelming victory in the recent elections.

Lopez cited key economic reforms that were recently passed, including the amendments on Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act that target to attract more foreign investors to set up their operations in the country.

The Ease of Doing Business Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law also improve the country’s business climate by accelerating the process of doing business here and making tax rates for businesses more competitive.

What is important is these reforms during the term of President Rodrigo Duterte would not be reversed and be continued in the next administration.

Lopez assured there will be continuity in the business environment in the country despite the change in administration by June this year.

Marcos is advocating for job creation and improvement of the micro, small and medium enterprises (MSMEs).

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With Marcos poised to take over Malacanang, the thrust of his new administration should include fixing the oil price hike problem.

The continuous increase in oil price in the country has severely affected many Filipinos especially the underprivileged.

After a minimal price rollback last week, oil firms implemented big-time price hikes on petroleum prices after election day.

Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said they will increase both diesel and gasoline prices by P4.20 per liter.

Caltex, Flying V, Petron, Seaoil, and Shell will also raised the price by P5.85 per liter.

Oil price hikes started at 12:01 a.m. Tuesday.

Despite the reduction last week, fuel prices stood a net increase since the start of the year —gasoline prices, up by P17.05 per liter; diesel prices, up by P29.20 per liter; and kerosene prices, up by P22.95 per liter.

Oil prices in the international market climbed for two straight weeks with the planned European Union sanctions on Russian oil, contributing to supply concerns.

“Oil steadied as a strong dollar offset supply worries after the EU bared plans for new sanctions against Russia, including an embargo on crude,” Reginal Capital Development Corp. head of sales Luis Limlingan said.

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