Days before President Ferdinand Marcos Jr. delivers his penultimate State of the Nation Address (SONA), the country’s top advocacy group representing foreign investors is pushing for the passage of 12 major reforms to boost the country’s investment appeal.

In a letter to Marcos dated July 21, the Joint Foreign Chambers of the Philippines (JFC) said the government should build on recent economic reforms by prioritizing legislative measures that seek to address persistent structural gaps affecting the flow of investments.

“As Your Excellency prepares your forthcoming SONA, we respectfully hope that these priority legislative measures may be considered among the administration’s key policy directions,” JFC said.

“Continued reform momentum will reinforce the Philippines’ position as an attractive investment destination, demonstrate policy consistency, and further strengthen business confidence at a time of increasing regional competition for investments,” it added.

JFC is composed of the American Chamber of Commerce of the Philippines (AmCham), Canadian Chamber of Commerce of the Philippines (CanCham), European Chamber of Commerce of the Philippines (ECCP), Japanese Chamber of Commerce and Industry of the Philippines Inc. (JCCIPI), Korean Chamber of Commerce Philippines Inc. (KCCP), and Philippine Association of Multinational Companies Regional Headquarters Inc. (PAMURI).

At the top of its priority measures are the proposed amendments to the Electric Power Industry Reform Act (EPIRA) in a bid to lower electricity costs and support the country’s long-term energy security.

JFC said the country’s power costs, which are among the highest in Southeast Asia, continue to discourage investment decisions and business expansion despite ongoing efforts to expand generation capacity.

Following the recent passage of landmark measures such as the Konektadong Pinoy Act and the E-Governance Act, JFC said the next priority should be bills aimed at improving the digital ecosystem through secure infrastructure and efficient digital services.

As such, the group is urging Marcos to prioritize the passage of the Cybersecurity Act and the Digital Economy Act to develop the regulatory foundations needed to support the country’s digital economy.

With the growing adoption of artificial intelligence (AI) across industries, the proposed AI Act was also recommended to establish an appropriate governance framework that would help attract technology-enabled investments.

JFC also called for the promotion of transparent institutions, sound governance, and predictable policies to foster greater investor confidence in the country.

The government should also consider implementing reforms such as the Freedom of Access to Information Act, National Land Use Act (NLUA), and Blue Economy Act to provide greater certainty for investors, according to the group.

It also underscored the need to continue liberalizing foreign equity restrictions to provide greater flexibility in responding to changing economic conditions and investment opportunities.

At the same time, JFC said the Philippines must improve trade facilitation by institutionalizing the National Single Window (NSW) System to enhance transparency and streamline regulatory processes.

The group added that this should be complemented by amendments to the Civil Aviation Authority Act and the charter of the Philippine Ports Authority (PPA) to strengthen the movement of goods and services.

Lastly, JFC called for stronger implementation of the Holiday Rationalization Act, which seeks to promote “holiday economics,” to create a more predictable operating environment for both businesses and workers.

Meanwhile, JFC also wants Marcos to improve the implementation of existing regulatory reforms through the issuance of executive measures.

These include improving the implementation of the Ease of Doing Business Act, Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, and the Ease of Paying Taxes Act, as well as streamlining visa processes and travel requirements for foreign nationals.

“Several reforms already enacted have the potential to significantly improve the investment climate, but their success will depend on consistent implementation across government agencies and clear regulatory guidance,” JFC said.

By carrying out these reforms and policies, JFC said the Marcos administration can further enhance the country’s competitiveness, improve the investment environment, and support job creation.

“The business community looks forward to continuing to work with your administration, Congress, and relevant government agencies to advance these priorities,” it said.