Economic bills recently approved by the two houses of Congress will be beneficial for the Philippines, the Department of Finance (DOF) said in its latest Economic Bulletin.
The department, in particular, pointed to Senate Bill 3023, which lifts foreign ownership restrictions on adjustment, lending and financing companies, and investment houses; and House Bill 6331, which seeks to institutionalize and strengthen public-private partnerships (PPPs).
“The approval of the Senate Bill 3023 … is a positive development as talks are ongoing on possible [Philippine] participation in TPP [Trans-Pacific Partnership], and other trade agreements,” the department said.
The TPP agreement was signed early this month by the United States, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
Philippine participation, the Finance department said, would significantly benefit the micro, small and medium enterprises (MSMEs) that account for the bulk of domestic businesses.
The passage of House Bill institutionalizing and strengthening PPP on final reading at the House of Representative, meanwhile, was described as encouraging as it would improve investments in infrastructure.
“Investments in infrastructures including farm-to-market roads are essential to achieve inclusive growth and will boost domestic economy,” the Finance department said.