Rep. Garin to the rescue!

Introduction

President Rodrigo Duterte acknowledged that the country's economy is "sinking further

and deeper" into recession as a result of the ongoing health crisis, but he also pointed out that

other nations are suffering similar financial difficulties. He, on the other hand, urged the public

to have trust in his administration, saying that the government is working hard to balance the

health and economic needs of Filipinos. AAMBIS-OWA Rep. Sharon Garin, a party-list

legislator is here to the rescue with three vital economic liberalization bills, seeking to help our

fellow countrymen in these trying times.

Body

The economic liberalization bills she proposes will improve the government's

coronavirus disease (Covid-19) response activities and create new economic opportunities for

Filipinos. She claimed that the proposed New Public Service Act, Foreign Investments Act, and

Retail Trade Liberalization Act will result in more jobs, higher human resource quality, and

long-term economic growth if they are passed.

SB 2094 introduces a unique section to Commonwealth Act No. 146, often known as the

Public Service Act, that defines a "public utility" as a person who runs, maintains, and regulates

for public use electricity distribution, transmission, water pipeline distribution systems, and

sewage pipeline systems. SB 1156 modifies several sections of Republic Act No. 7042, also

known as the Foreign Investments Act of 1991, by emphasizing the significant impact of

technology developments and global and regional economic realities on the Philippine economy.

SB 1840 modifies Republic Act No. 8762, often known as the Retail Trade Liberalization Act of
2000, by reducing the necessary paid-up capital for foreign retail companies and for other

purposes.

Since mid-March 2021, a significantly growing flood of new COVID-19 cases has

affected the Philippines economy's relatively close forecast. In the short term, this is anticipated

to slow the rate of economic recovery, since strong pandemic control measures have been

enforced in Metro Manila and other areas severely hit by the recent spike in pandemic infections.

The tourism sector has come to a standstill all across the world as a result of travel being a

significant contributor to the virus's spread. The Philippines is heavily reliant on tourism for

revenue creation, with an estimated loss of 0.68 percent of GDP due to tourism in the worst-case

scenario. International trade was also badly impacted, resulting in a spillover effect from Chinese

supply interruptions to the Philippines. As a result, the communication equipment business was

expected to lose 115 million dollars due to supply interruption.

Conclusion

Rep. Sharon Garin emphasized the importance of increasing government revenue to

confront the significant economic effect of Covid-19, which resulted in 1.5 million employees

being displaced during the two-week extended community quarantine (ECQ). These three

economic liberalization bills will be part of the Government's political reform program, and

certification of the bills' urgency for urgent enactment intends to boost the country's economic

growth by fostering an economic outlook that is appealing to international investors while also

generating jobs for our citizens. These economic changes will improve the country's

competitiveness and performance. We need to tap into every conceivable cash source to assist us

combat the pandemic's negative economic effects.