State economic managers have lauded Senate Minority Leader Franklin Drilon for his major contribution in the passage of three key economic reform laws that are seen to hasten the country’s recovery from the Covid-19 pandemic.
In a letter signed by Finance Secretary Carlos G. Dominguez, Trade Secretary Ramon M. Lopez, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, National Economic and Development Authority (NEDA) Secretary Karl Kendrick T. Chua, and Acting Budget Secretary Tina Rose Marie L. Canda, the country’s economic managers thanked Drilon for his oustanding work in the passage of the laws that liberalized trade in the Philippines and boosted the country’s foreign direct investments (FDIs).
“Thank you for your valuable contributions that led to the passage of the three economic liberalization bills, namely, the Amendments to the Retail Trade Liberalization Act, Amendments to the Foreign Investment Act, and Amendments to the Public Service Act,” the economic managers told Drilon.
Even though he is part of the opposition and has been the subject of the President's tirades numerous times, Drilon led the Upper Chamber in pushing for the economic measures included in the Duterte administration’s legislative agenda, namely the amendments to the Public Service Act and amendments to the Retail Trade Liberalization Law.
Drilon is the principal author and co-sponsor of Republic Act 11659 or the Amendments to the Public Service Act and principal author of Republic Act 11595 or the Amendments to the Retail Trade Liberalization Act.
“The passage of these game changing reforms reflect our shared commitment to fast-tracking our recovery from the COVID-19 pandemic and solidifying our economic growth prospects,” the economic managers said.
“These amendments will bring dynamism to our progressing economy by reeling the constraints that have long hindered the flow of foreign capital into the country,” they added.
In response, Drilon said he is proud to shepherd the passage of these two economic reform laws which “will pave the way for a more vibrant economy, more investments and more jobs for our people.”
“It is my view that with these economic laws, the country is in a better position to tackle the economic slump due to the COVID-19 pandemic,” Drilon said.
Drilon is one of the graduating senators in the 18th Congress. He earlier said he has no plans to leave politics once his term at the Senate expires on June 2022.
Since his first term in the Senate in 1995, Drilon authored and sponsored numerous landmark laws such as the GOCC Governance Act, Amendments to the Sandiganbayan Law, Sin Tax Reform Law, Foreign Investments Liberalization Act, Overseas Absentee Voting Act, Amendments to the Revised Penal Code, the Philippine Identification System Act, and the Revised Corporation Code.
Prior to his Senate stint, Drilon served as a labor, justice and executive secretary.