National Competitiveness Council (NCC), the public-private sector task force on the country’s competitiveness, is urging businesses and individuals to identify outdated laws and regulations that need to be repealed.
Guillermo Luz, NCC co-chair for the private sector, told attendees of the presentation of the draft of the National Logistics Master Plan recently to determine certain laws, rules, regulations and policies which they feel need to be repealed.
“If you think there are laws that are hampering business, please submit them to us and we’ll review it under project repeal,” Luz said.
NCC’s “Project Repeal” is a public-private effort to identify legislation that is not applicable to today’s business environment and requirements, and therefore should be repealed.
At present, Luz said the NCC is starting with outdated department orders and executive orders (EO) in a bid to cut red tape and further lower the cost of doing business in the country.
The NCC co-chair also said they hope to start the process for repeal in Congress by the third quarter, and continue with the abolition of EOs until the end of the year.
By the fourth quarter, the council expects to report billions of pesos in savings to the public resulting from repealing or amending unnecessary and costly outdated laws, Luz added.
Some business groups, NCC said, have started identifying rules and regulations for repeal. These groups include the Philippine Exporters Confederation Inc. (PHILEXPORT), the Philippine Chamber of Commerce and Industry (PCCI) and the Employers Confederation of the Philippines (ECOP).
The three groups proposed the abolition of some issuances of the Securities and Exchange Commission (SEC), including the guidelines to implement Revenue Regulation 1-2014, requiring the submission of the alphabetical list disclosing specific income and taxes paid.
Others include the new requirement of the Board of Accountancy (BOA), the principal office address requirement of corporations, and annual corporate governance training for directors and officers of publicly listed companies.
Luz said the “project repeal” has been shortlisted for the United Kingdom’s Prosperity Fund (PF) support for its pilot implementation this and next year. Preparation of the final bid proposal is ongoing.
Other than business groups, Luz said individuals can also submit regulations for repeal through email@example.com.