MANILA - President Rodrigo Duterte should ensure that crucial "pro-business" bills are enacted into law before his term ends so as to attract more investments, a business group said Tuesday.
In a statement, the Financial Executives Institute of the Philippines (FINEX) said the group is looking forward to the approval of the Capital Markets Development Act, amendments to the Foreign Investments Act, Public Service Act and the Retail Trade Liberalization Act are before Duterte's steps down from office next year.
"We look forward to the enactment of more pro-business legislation," FINEX President Francis Lim said.
"We fervently hope that the President will prove to the world during his remaining days in office that the rule of law prevails in the Philippines as this is equally important in attracting more investments in the country," he added.
FINEX noted the administration's contribution especially with the passing of the Ease of Doing Business Act, TRAIN and CREATE tax laws as well as the Rice Tarrification law "which required political will to pass."
"Collectively, these pieces of legislation are structural and game-changing that will help jumpstart job creation for our people during this challenging period and do good for the country in the long term," the group said.
The Philippine economy, which contracted by 9.6 percent in 2020, is still struggling to bounce back due to the threat of new COVID-19 variants.
Business-related laws as well as the Universal Access to Quality Tertiary Education Act and the Health Care Act "are excellent legacies of President Duterte for which he will be kindly remembered by our people," the group said.
In this 6th and last State of the Nation Address, Duterte called on Congress to expedite the passing of three priority bills namely the Foreign Investments Act, the Public Service Act, and the Retail Trade and Liberalization Act.
Sen. Eduardo "Sonny" Angara earlier said these bills "are all in advanced stages" of legislation.