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GMA Network
6 days ago
- Business
- GMA Network
DEPDev urges Congress to pass 7 priority bills before session ends on June 13
The newly-created Department of Economy, Planning, and Development (DEPDev) has called on Congress to pass seven priority measures crucial for connectivity and healthcare before the 19th Congress officially ends on June 13. In a statement, DEPDev Secretary Arsenio Balisacan said the seven bills include: Amendments to the Foreign Investors' Long-Term Lease Act Rationalization of the Mining Fiscal Regime Amendments to the Universal Health Care Act E-Government Act / E-Governance Act Konektadong Pinoy Act Establishing the Virology Institute of the Philippines and Blue Economy Act. All these measures are pending the approval of the bicameral conference committee composed of contingent from the House of Representatives and the Senate. 'We thank the leadership of both the Senate and the House of Representatives for their dedication in crafting sound, strategic, coherent, and responsive policies for our country. We remain hopeful that the remaining set of bills will be passed just in time before the end of the 19th Congress,' Balisacan said. 'We look forward, in particular, to the Konektadong Pinoy Act - a critical bill that DEPDev has been championing for some time. We firmly believe this measure holds immense promise in transforming the lives of all Filipinos by ensuring reliable and affordable Internet access,' he added. The Konektadong Pinoy Act aims to improve digital connectivity in the country and provide affordable internet access for every Filipino by enhancing market accessibility, upgrading physical and digital infrastructure, and enabling full participation of individuals and businesses in the digital economy. The 19th Congress will resume on June 2 for a six-day session before it adjourns sine die on June 13. The 20th Congress is set to convene its first session day on July 28. The LEDAC serves as the primary consultative and advisory body to the President, ensuring synchronized executive development planning and congressional budgeting. For the 19th Congress, the Council identified 64 bills expected to advance the country's socioeconomic and development goals. Senate President Francis Escudero earlier said the Congress needs to focus on passing these priority measures first before the Senate convenes as Senate impeachment court for the trial of Vice President Sara Dutetre. Escudero has rescheduled the reading of impeachment charges against the Vice President from June 2 to 11, or the last day of session since Congress only conducts plenary sessions from Mondays to Wednesdays. Duterte was impeached by the House of Representatives on February 5, with over 200 congressmen endorsing the complaint against her. She was accused of betrayal of public trust, culpable violation of the Constitution, graft and corruption, and other high crimes mainly over alleged misuse of around P612.5 million worth of confidential funds and threatening to kill President Ferdinand Marcos, Jr., First Lady Liza, and the President's cousin and Speaker, Leyte First District Rep. Martin Romualdez. The Vice President, for her part, said she is looking forward to her impeachment trial in the upcoming 20th Congress because she 'wants a bloodbath." —Llanesca Panti/AOL, GMA Integrated News
Reuters
14-04-2025
- Business
- Reuters
Philippines less vulnerable to global trade shocks, says economic minister
MANILA, April 14 (Reuters) - The Philippines' relatively low exposure to trade compared to its Asian neighbours offers a buffer against global economic shocks, Economic Planning Secretary Arsenio Balisacan said on Monday. "The economy is not as vulnerable to shocks in the global marketplace as our neighbours... because the Philippine economy's exposure to trade is fairly small," Balisacan told a press conference. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. However, he cautioned against complacency, stressing the importance of strengthening export performance by diversifying markets and addressing investment constraints so the country could take advantage of trade diversion opportunities resulting from the sweeping U.S. tariffs. "We need to double, even triple, our efforts to improve the investment environment so investors see the Philippines as a viable destination," Balisacan said. The Philippines has not been spared from the global trade wars triggered by U.S. President Donald Trump's tariffs, with Washington threatening levies on Filipino exports. The Philippines, which already has free-trade agreements with countries such as South Korea and Japan, is actively pursuing a similar pact with the United States to safeguard and expand market access. Balisacan said it was premature to revise the country's economic targets despite the heightened uncertainty. He noted that resilient domestic consumption, which makes up around three-quarters of GDP, should continue to support growth. He believes hitting the lower end of this year's 6.0% to 8.0% growth target remains realistic.
