The measures proposing amendments to the Electric Power Industry Reform Act (EPIRA), the Foreign Investors’ Long-Term Lease Act are up on the table as the Senate prepares for the opening of the Third Regular Session of the 19th Congress, Senate President Francis “Chiz” Escudero said on Sunday, July 21.
Escudero said the three measures are part of the 10 bills that Senate and House lawmakers have agreed upon during the Legislative-Executive Development Advisory Council (LEDAC) meeting.
This will also be the first time Escudero will bang the gavel to open the Senate’s regular session. Escudero took over the Senate leadership from Sen. Juan Miguel “Migz” Zubiri last May 20, 2024.
“We will focus on what was agreed upon during the recent LEDAC meeting under the Common Legislative Agenda,” Escudero said.
The Senate President said changing some provisions in the EPIRA law is long overdue and amending it would help accelerate national efforts toward a more energy-secure country.
Meanwhile, the proposed CREATE MORE Act would help improve the current regulations by enhancing the tax and administrative incentives available to companies, and clarifying rules on implementing VAT incentives.
Escudero also said amendments to the Foreign Investors’ Long-Term Lease Act would also reinforce the opening of the economy to foreign investments.
The measure seeks to extend the lease of private lands—excluding agricultural lands—to foreigners from a maximum of 75 years to 99 years from the current 50 years.
Other priority bills that were agreed upon under the Common Legislative Agenda include the proposed reforms to Philippine Capital Markets to facilitate capital raising for Filipino companies through the stock market. This would also help boost the value of pension funds invested in the Philippine stock market by reducing taxes on stock transactions and equalizing the dividend tax.
Also included in the Senate’s priority agenda are the Archipelagic Sea Lanes Act to strengthen the country’s sovereignty over its archipelagic waters and maritime resources; amendments to the Right-of-Way Act to expedite the implementation of critical infrastructure projects by streamlining the right-of-way acquisition; the bill on excise tax on single-use plastics to encourage sustainable consumption and production, and reduce plastic waste generation; and amendments to the Rice Tariffication Law which aims to enhance and refine the existing legislation governing rice importation and trade.
Escudero said the Senate will also prioritize the measure that calls for a rationalization of the Mining Fiscal Regime to enable the nation to better reap the benefits of the Philippines’ rich mineral resources by introducing a straightforward and streamlined fiscal policy; and the bill that seeks the creation of the Department of Water Resources to institutionalize a primary agency responsible for comprehensive and integrated water resources development and managemen.
Earlier, the Senate President suggested that the Senate hold legislative sessions also during Thursdays, to boost the number of working session days.
Escudero said the Senate’s legislative works is usually affected by the rainy season, as well as breaks for the upcoming midterm elections.
“We will set aside an extra day, Thursday, to discuss these measures, approve these as far as we can because we only have about 70 days left before this Congress ends,” he said.
“Seventy (70) session days absent any typhoons, calamities that might cause us to declare suspension of session or work,” he pointed out, calculating that the Senate will have a total of 93 sessions days if it also holds sessions on Thursdays.