The Department of Trade and Industry has identified three priority legislative measures for immediate passage by Congress to support economic growth.
These priority bills are the Senate confirmation on the ratification of the Regional Comprehensive Economic Partnership (RCEP), Omnibus Micro Small Medium Enterprises (MSMEs), and Internet Transactions Act.
The presentation of the priority bills was led by Secretary Alfredo E. Pascual conducted a briefing for the Senate committee on trade, commerce and entrepreneurship to update the Senators of the DTI programs and thrusts under the new administration.
RCEP was already ratified by then President Rodrigo Duterte in 2021 but Senate failed to concur the executive branch’s ratification amid strong opposition by farmer groups, calling the international trade treaty a vehicle that will flood imports of agricultural products into the country.
RCEP is a trade treaty among the 10 ASEAN member countries and their regional trading partners China, Japan, Korea, Australia and New Zealand.
Meantime, the Internet Transaction Act or E-Commerce Law aims to establish an effective regulation of commercial activities through the internet or electronic means to ensure that consumer rights and data privacy are protected , innovation is encouraged, fair advertising practices and competition are promoted. The bill also seeks to secure online transactions, and protect intellectual property rights, and product safety and standards are observed.
DTI would like newly registered e-commerce micro-enterprises to be exempt from all national and local taxes for the first three years based on certain conditions.
President Ferdinand E. Marcos highlighted internet transactions during his State of the Nation Address as one of the administration’s priorities.
Other bills being pushed for passage into law by the DTI include the Amendment to the E-Commerce Act, Revised Consumer Act, Expanded Price Act, Philippine Shippers Bills’ International Maritime Trade Competitiveness Act, Bamboo Industry Development Act, Salt Industry Development Act, Intellectual Property Code amendments, and National Quality Infrastructure.