Speaker assures American businesses that Congress backs BBM’s initiatives to make PH more investor-friendly

SPEAKER Ferdinand Martin G. Romualdez yesterday assured American businesses of the solid commitment of Congress to support the initiatives and programs of President Ferdinand R. Marcos, Jr. to make the Philippines a more investor-friendly place.

“The 19th Congress, in partnership with President Ferdinand Marcos, Jr., is committed to creating an environment that fosters economic growth and attracts investments,” Romualdez said in his message to the members of the American Chamber of Commerce in the Philippines (AmCham).

“As Speaker of the House of Representatives, it is my duty to promote policies that enhance the growth and prosperity of our nation, and I believe that our partnership with the American business community is vital to achieving these goals,” he added.

Romualdez was AmCham’s guest of honor and speaker for their June General Membership Luncheon Meeting Wednesday afternoon at Fairmont Hotel in Makati City.

Speaker Romualdez said that the partnership between the Executive and the Legislative branches of the government resulted in a comprehensive legislative agenda that focuses on key sectors crucial for our nation’s development.

“First and foremost, we aim to strengthen our infrastructure through the passage of landmark bills. Infrastructure development is a key driver of economic growth, and we are determined to address the gaps and bottlenecks that hinder our progress,” he said.

Noting that the “Build Better More” program remains at the forefront of the government’s development efforts, he said Congress would push for legislation that streamlines the permitting process, promotes public-private partnerships, and ensures the sustainable financing of infrastructure projects.

He also said Congress is committed to passing laws that enhance the country’s education and skills development systems to ensure our workforce remains competitive and adaptable in the rapidly evolving global economy.

“To further support economic growth, we will prioritize the passage of measures that improve our business environment. We recognize the need for tax reforms that promote simplicity, fairness, and competitiveness,” Speaker Romualdez said.

“We will also work towards easing regulatory burdens and enhancing transparency to create a more business-friendly climate that attracts both local and foreign investors,” he added.

In addition, he said the 19th Congress will prioritize the passage of legislation that promotes sustainable development and the transition to clean and renewable energy sources to address the challenges brought by climate change.

Likewise, he said Congress “will work towards the passage of legislation that enhances the efficiency and effectiveness of our justice system, addresses corruption, and protects the rights and freedoms of our citizens.”

Romualdez said the House will continue to work hard to pass such important pieces of legislation, noting that before the 19th Congress adjourned its First Regular Session this month, the chamber has approved 33 out of the 42 priority measures of the administration of Pres. Marcos, three of which have been signed into law.

“Among the measures that both Houses approved was the Maharlika Investment Fund bill, which seeks to create the country’s first-ever sovereign investment fund. This is designed to promote economic development by making strategic and profitable investments in key sectors including public road networks, tollways, green energy, water, agro-industrial ventures, and telecommunications,” he noted.

The measure, now awaiting the signature of Pres. xMarcos is expected to become a major source of the administration’s big-ticket infrastructure projects.

He pointed out that the pandemic and ongoing conflict in some parts of the globe reversed the country’s economic gains and brought unprecedented disruption in financial systems requiring a more aggressive approach to expanding the country’s revenue sources. With Jester Manalastas