UNITED Nationalist Alliance (UNA) standard-bearer and Vice President Jejomar Binay on Wednesday vowed to embark on programs to create a business-friendly environment to attract more investors and generate jobs to promote inclusive growth.
“We will revisit the existing legal frameworks for doing business, which include the Corporation Code, certain provisions of the Civil Code, the National Internal Revenue Code, the Investment Company Act, the Securities Regulation Code and other relevant rules and regulations,” Binay said at the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. Leadership Forum.
“We will also regularly conduct a comprehensive review and audit to identify legal provisions that hamper business needs. A menu of incentives should be formulated for our market to gain the attention of domestic and foreign investors. All this can be possible if government periodically meets and consults the business sector, to listen to your thoughts and insights,” he added.
If elected, Binay said his administration will encourage the growth of micro, small and medium enterprises, noting that MSMEs have a higher multiplier effect than big business when it comes to employment.
“We should bring about an environment that will enable our micro, small and medium enterprises to succeed. We need to extend to them the assistance they badly need, particularly in terms of financing and access to research and development materials. We will promote SME development and encourage our countrymen to be entrepreneurial in order to achieve financial independence,” he added.
The Vice President cited his experience as mayor in developing Makati City from an almost bankrupt local government to the richest city in the country “per capita.”
Binay said the Makati experience can be replicated all over the country to achieve inclusive growth.
“Ito lang naman ho ang aking kwalipikasyon para maging Pangulo ng ating bansa [This is my only qualification to be a President], and this is karanasan [experience]. When I arrived in Makati, the government was almost, or veering to bankruptcy. Ang pera namin P240 million [We only had P240 million]. When I left in 2010 when I ran for Vice President, the P240 million became P11 billion. Sabi ko sa mga taga-Makati, gagawin kong financially stable ang ating munisipyo [I told my constituents in Makati that I will make the city financially stable]. Makati became the richest local government in the whole country on a per capita basis,” he narrated.
Binay said poverty is the “most serious moral issue” and scored the administration of President Benigno Aquino 3rd anew for failing to fulfill its promise in 2010.
“The first truth is that poverty is the most serious moral issue affecting the nation today.
The other truth is that this administration has failed to deliver on its promise made almost six years ago to end poverty, with the poor growing in number in spite of the rosy economic figures,” he added.
Binay earlier vowed to abolish the income tax for workers earning P30,000 and below per month, insisting that this can be achieved by curbing smuggling, improving tax collection and ending government underspending.
“Billions of pesos are lost due to smuggling, inefficient tax collection and through mishandling of funds by government agencies. I believe that fixing these inefficiencies will cushion the projected impact of reduced tax revenues on our national coffers,” he said.