THE HOUSE OF REPRESENTATIVES has approved on second reading the Tatak Pinoy bill which seeks to create a multi-year strategy to make local enterprises more competitive in the global market.
“The Philippines has a huge potential for growth that has yet to be tapped,” Batangas Rep. Mario Vittorio “Marvey” A. Mariño, chairperson of House Trade and Industry Committee, said during his sponsorship speech at Monday’s plenary session.
“The primary goal of the measure is to improve and diversify local enterprises and their linkages with global value chains,” he added.
House Bill No. 8525, the Tatak Pinoy Strategy measure, was earlier filed by Marikina Rep. Stella Luz A. Quimbo to “systematically expand” the productive capabilities of businesses for export.
The game plan, according to Ms. Quimbo’s design, would be to help the Philippines maximize the benefits of global trade agreements such as the Regional Comprehensive Economic Partnership (RCEP).
It seeks to establish a multisectoral program and framework that would guide government agencies and the private sector to empower domestic enterprises, according to a copy of the measure.
The strategy would focus on manpower, infrastructure, technology and innovation, investments, and public fiscal management and government procurement.
A supervisory council would be set up to manage and propose improvements to the strategy, with the National Economic and Development Authority (NEDA) director-general as chair and the Trade and Finance secretaries as vice-chair.
Last month, the Senate approved on final reading a counterpart bill that aims to aid local enterprises as part of the government’s push to cut the country’s reliance on imports.
The measure aims to expand the capacities of micro, small and medium enterprises to produce world-class products to boost exports.
The Philippines has an unrealized export potential of $49 billion (P2.7 billion), the International Trade Center said in a study last year.
“With the Tatak Pinoy bill, we are confident it will be able to help our industries expand their reach in the world market, provide a significant boost to our economy and provide our people with greater opportunities to earn more,” Mr. Mariño said. — John Victor D. Ordoñez