WITH lawmakers having returned to work following a holiday break, the National Economic and Development Authority (NEDA) is urging Congress to pass bills said to be crucial for the country's growth.
"It has been one year since the launch of the Philippine Development Plan (PDP) 2023-2028," Socioeconomic Planning Secretary Arsenio Balisacan said in a statement on Tuesday.
Socioeconomic Planning Secretary Arsenio Balisacan."While we saw some of our headline indicators improve, much remains to be done," he added.
"To ensure that we remain on track to meet our goals by 2028, and in anticipation of future challenges and scenarios, we must pass key legislative measures aimed at strengthening the country's economic governance and addressing the structural weaknesses of our production sectors." These include legislation creating the Department of Water Resources, the proposed Open Access in Data Transmission law, and fiscal reforms aimed at enhancing tax administration and expanding the tax base.
President Ferdinand Marcos Jr., in his second State of the Nation Address last year, emphasized the need to establish the Department of Water Resources as over 30 agencies currently have overlapping functions, resulting in disjointed planning and inconsistent water policy implementation. As to fiscal reforms, the planning agency called for the implementation of other enhancements to tax administration systems, which were recently facilitated by the recently enacted Ease of Paying Taxes Act. It said the measures, aimed at generating revenue and improving efficiency, would fortify the country's fiscal standing, ensuring sustained support for social services and infrastructure projects.
Pending bills include the Real Property Valuation and Assessment Reform, VAT on Digital Services, and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) proposals.
The NEDA is also endorsing a bill that will transform it into the Department of Economic Planning and Development, which it said would strengthen the government's capacity to create and synchronize medium- and long-term economic and development plans.
"The passage of the NEDA bill will allow us to better leverage our expertise in people-centered development planning across all national and local sectors and ensure that all Filipinos feel the benefits of such exercises," Balisacan added.
Both the House of Representatives and the Senate resumed session on Monday after a break of a little over a month. The Department of Water Resources, Open Access in Data Transmission, Real Property Valuation and Assessment Reform, and VAT on Digital Services measures have already been approved by the House.
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