Consumer Act, CREATE named DTI priorities
THE Trade department has asked the new chairman of the House committee on trade and industry to prioritize the passage of consumer protections and pricing laws.
Trade Secretary Ramon M. Lopez and Navotas Representative John Reynald M. Tiangco held their first virtual meeting Tuesday.
In a statement Thursday, the Department of Trade and Industry (DTI) said Mr. Lopez sought priority treatment for the passage of a revised Consumer Act of the Philippines, as well as an expanded Price Act.
The House committee on trade and industry last year approved an amendment to the Price Act to classify personal protective equipment as a prime commodity subject to price regulation.
Mr. Lopez also asked that priority be given to small-business funding and the “One Town, One Product” encouraging various parts of the country to specialize in certain classes of goods. Mr. Lopez also expressed support for the revised Warehouse Receipts Law that would allow farmers to use their crops as collateral for bank loans, which is currently pending with the Committee on Appropriations.
Mr. Lopez also backed the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which cuts corporate income tax rates while streamlining fiscal incentives. Legislators are harmonizing both chambers’ versions of the measure and hope to wrap up bicameral conference committee sessions within the month.
“This is a very important piece of legislation that will help the economy recover much faster and stronger, with the reduction in income tax rates and better set of time-bound, performance-based and focused incentives,” he said.
“The CREATE bill is a game-changer in attracting more investments to the country.” — Jenina P. Ibañez