The Financial Executives of the Philippines Institute (FINEX) has joined a bandwagon of business groups opposing a proposal by the Lower House proposal to amend the economic provisions of the Constitution at this time.
In a statement, FINEX said they agree that the economic provisions of the Constitution must be amended to make the country a more attractive investment destination, but “We are strongly opposed to any initiative at this time to amend the Constitution.”
FINEX President Francisco “Francis” ED. Lim compared the proposed to “undertaking house renovation while the family struggles to pay for the food, basic education, hospitalization expenses and other basic necessities badly needed by the family.”
FINEX explained that there are low hanging fruits which Congress can focus on to help the country successfully emerge from the pandemic and make it more attractive to investors.
For example, FINEX said the still pending for enactment into law of the Corporate Recovery and Tax Incentives for Enterprises Bill (CREATE) and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery Bill (GUIDE). There are also efforts to put in place a new stimulus package to revive and restore our economy to normalcy.
“We respectfully request the President to sign into law the Financial Institutions Strategic
Transfer Bill (FIST), which was ratified by Congress before its Christmas break.
“We call on Congress to tackle the legislative initiatives on the economy at the earliest possible time, rather than devote its time and the country’s meager resources to a highly controversial and divisive issue at this time,” said FINEX.
So far, 52 groups from various sectors have issued statements calling for the passage of the CREATE Bill.
Similarly, several groups including the Philippine Chamber of Commerce and Industry, Makati Business Club, Management Association of the Philippines have earlier called for the government to prioritize the enactment of the CREATE Bill, rather than the Constitution.
These groups have questioned the timing of the proposal considering that the current administration has less than 2 years left as the national election is scheduled in May 2022 already.