Senate OK’s bill promoting ‘world-class’ Philippine products
THE PHILIPPINE Senate on Monday approved on final reading a bill that seeks to boost the competitiveness of Philippine products, especially those made by small enterprises.
Senators approved Senate Bill 2426 or the Tatak Pinoy Strategy Act, which was authored and sponsored by Senator Juan Edgardo “Sonny” M. Angara. The measure seeks to make Filipino-made products comparable to its foreign counterparts.
The bill will set up a council that will oversee government initiatives to aid local enterprises as part of the government’s push to cut the country’s reliance on imports.
The body will be co-headed by the secretaries of Trade and Finance departments and the National Economic and Development Authority. It will also have members from the private sector.
Under the bill, domestic products will be prioritized in government procurement.
The measure aims to expand the capacities of micro, small and medium enterprises to produce world-class products to boost exports.
In June, Marikina Rep. Stella Luz A. Quimbo filed a similar bill before the House of Representatives seeking to “systematically expand” the productive capabilities of local businesses for export.
House Bill 8525 seeks to maximize the benefits of global trade agreements such as the Regional Comprehensive Economic Partnership (RCEP).
The Philippines has an unrealized export potential of $49 billion (P2.7 billion), the International Trade Center said in a study last year.
Mr. Angara has said the measure would help the Philippines achieve its goal of becoming a middle-class economy by 2040.
He said the bill would allow local business owners to boost income by producing more sophisticated products.
In August, NEDA Secretary Arsenio M. Balisacan told senators the state plans to raise domestic production this year, adding that it is temporarily resorting to imports to stabilize prices.
“Supporting domestic industries and hastening the process of transforming the Philippine economy demands that stakeholders from the public and private sectors organize, plan, align and integrate their respective efforts,” Mr. Angara said in his sponsorship speech on Aug. 29.
“For true economic development to happen, it needs to be pursued collectively and collaboratively by all sectors of society.” — John Victor D. Ordoñez
