House to enact needed legislation to support PBBM’s economic gains

By Jose Cielito Reganit

April 29, 2024, 5:51 pm

<p>Speaker Martin G. Romualdez <em>(Photo courtesy of Speaker’s office)</em></p>

Speaker Martin G. Romualdez (Photo courtesy of Speaker’s office)

MANILA – The leadership of the House of Representatives on Monday vowed to support the economic gains obtained by President Ferdinand R. Marcos Jr. during the recent historic trilateral summit among the Philippines, United States, and Japan by enacting the necessary legislation to facilitate the flow of investments into the country.

“Let us be reminded of our collective responsibility and the opportunity at this moment. It is a time for bold actions and steadfast commitment. The House of Representatives of the 19th Congress is fully committed to this cause, ready to enact the necessary legislation that ensures a stable, prosperous, and resilient Philippines,” Speaker Martin G. Romualdez told his colleagues during the resumption of the remaining days of the 2nd Regular Session of the 19th Congress.

Romualdez cited the USD100-billion (PHP5.77 trillion) in investments from the United States and Japan that may come to the Philippines in five to 10 years as a result of the historic trilateral summit, which may need legislation to ensure they come to fruition.

Among the major benefits the Philippines would derive from the trilateral summit include the following:

- The launch of the Luzon Economic Corridor, which will support connectivity between Subic Bay, Clark, Manila and Batangas;

- The pledge of the US and Japan to provide at least USD8 million for Open Radio Access Network (RAN) field trials and the Asia Open RAN Academy based in Manila;

- The establishment of the Chips and Science Act's International Technology Security and Innovation Fund with the aid of the US;

- The expanded partnership on safe and secure civil-nuclear capacity building;

- The expanded trilateral cooperation on the deployment of clean energy technologies, including renewable energy projects; and

- Other areas of cooperation in the pipeline such as greater maritime domain awareness and coast guard cooperation, sustainable critical infrastructure, semiconductor supply chain resilience, digital transformation, and energy security through harnessing renewable energy.

“The Marcos administration is working hard to improve the lives of Filipinos, and the trilateral summit is the most recent proof of this objective,” Romualdez said.

He noted that enhancing economic development is one of the two pressing needs that need the legislative focus of the House of Representatives, the other one being strengthening national security.

“During this 19th Congress, we have put in place significant reforms that have reshaped the economic and social landscape of the Philippines. We enacted pivotal tax reforms designed to invigorate our economy by simplifying the tax code, encouraging investment, and ensuring a fairer system for all,” he said during his speech.

“These measures have laid the groundwork for a more robust economic framework, attracting foreign investments and stimulating local entrepreneurship,” he added.

Together with the Marcos administration, the Speaker said the collective efforts of members of the House of Representatives to control inflation and increase household income are bearing fruit, citing recent survey statistics.

Aside from legislation to improve the lives of Filipinos, Romualdez said the chamber’s development agenda initiatives are expansive, targeting pivotal areas such as healthcare, education, and digital infrastructure.

“In healthcare, we are committed to expanding access and improving the quality of services, making healthcare affordable and accessible to every Filipino. In education, we aim to create a more liberalized system that not only meets global standards but also equips our youth with the necessary skills to thrive in a globalized economy,” he said.

The House of Representatives also aims to enhance digital infrastructure to ensure that Filipinos can benefit from the digital revolution, “bridging digital divides and fostering economic inclusivity.”

“We aim not only to continue our current path but to accelerate our efforts. We are exploring innovative legislative measures that promote technological advancement and environmental sustainability, to ensure that the Philippines not only keeps pace with global trends but also sets a benchmark for innovation and responsible governance,” Romualdez said.

“We invite all sectors to engage with us. Their insights, expertise, and participation are invaluable as we forge a path forward. Through collaborative efforts, we can build a future that reflects our highest aspirations and fulfills the promise of prosperity and peace for all Filipinos,” he added. (PNA)