House Majority Leader and Leyte 1st District Rep. Martin Romualdez assured American businessmen on Thursday that Congress is exhausting all means to reform the country’s economic landscape to make it a conducive investment niche for foreign investors.
“Our President has laid out the survival and recovery roadmap for us to consider. We, in the House of Representatives, are in full support of this plan and are ready to face the challenges spelled out by our President. As partners in nation-building, we readily commit ourselves to help realize the concrete plans and approve the proposed legislative measures provided by the President,” he told the members of the US- Association of Southeast Asian Nations (ASEAN) Business Council 2020 Virtual Philippines Business Mission.
The House leader urged Council members to "lend your support to the President's vision” and continuously remain as the country’s partners in nation-building efforts.
"May you continue to be with us every step of the way as partners in our recovery efforts. With you as our partners in nation-building, I know we will not fail,” Romualdez said.
He cited the Council’s contributions in strengthening the partnership between the Philippine government and foreign business groups despite the public health crisis gripping the globe.
“I am given the task to help walk you through with key administration priorities following President Duterte's latest State of the Nation Address, as well as initiatives aimed at ensuring the country's competitiveness and resiliency. You are in luck, my friends, as I hope I may be able to juxtapose the SONA priorities with the administration priorities based on the 2020 National Expenditure Program,” the chairman of the House Committee on Rules said.
Romualdez apprised the Council that of the 21 legislative measures spelled out by Duterte in his SONA, five deal directly with the government's response to the pandemic. These include “Bayanihan to Recover As One” Act, which is awaiting the Chief Executive’s signature, and the measure providing incentives to financial institutions to sell their non-performing assets affected by the pandemic.
“Also included in the COVID response measures are bills that seek to establish a Medical Reserve Corps and create a National Disease Prevention and Management Authority to prepare for future outbreaks. The President also wants to protect online consumers and sellers alike after the industry started booming when lockdowns were imposed across the country,” he said.
He said Congress will prioritize the immediate passage of the proposed P4.5 trillion national budget for 2021, which is higher than this year’s P4.1 trillion budget by 9.9 percent and equivalent to 21.8 percent of Gross Domestic Product.
“A big chunk of the budget will be allocated to the National Health Insurance Program, P71.4 billion; Medical Assistance to Indigent Patients, P17.3 billion; and Human Resources for Health Program, P16.6 billion,” Romualdez said.
While, a total of P1.107 trillion for Public Infrastructure Program is embedded in the proposed budget for strategic infrastructure development and to create jobs and catalyze business activities all over the country, he added.
Joining Romualdez in the virtual meeting are Albay 2nd District Rep. Joey Sarte Salceda, chairperson of the House Committee on Ways and Means, and AAMBIS-OWA party-list Rep. Sharon Garin, an economist and chairperson of the House Committee on Economic Affairs.