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Volume XXXIX, No. 289 Wednesday, September 11 , 2019 Pl 0.


House Maiority Leader

and Leyte Rep. Martin
Romualdez (center) dis-
cusses budget matters
with House S peaker
Alan Peter Cayetano
(lelt) and Nueva Ecija
Hep.Micaela Violago
(right) at the plenary
ot the House ol Rep-
resentatives during the
caucus ot the maiority
at Nograles Hall.
Photo by VEB NOVE-

THE House leadership on Monday

night endorsed for Senate ap-
proval two priority bills of Presi-
dent Rodrigo Duterte airned at
ensuring the country's sustainable
economic growth. /Page 15
projects to continue this Progarn (CTRP). At thb yea6. I thank the support
momentum for economic same time, the House. of of my colleagues and the
taleoff," said Rocr+raldez, Representatives voted 201 robustHouse leadeBhip as
who chairs the House com- against six approving HB Congress withstood the
mittee onrules, after spear- 300 to allow more foreign- most intense lobbying by
fed by Speaker Alan heading Monday's night ers to practice their profes- hugewell-enhenchedbusi-
Pete! Cayetano, House session to pass the twin sion in the Philippines and ness interests who wanted
Majoiity Leade! and Leyte measures. lower the direct local hires to retain their big profits
Rep. Mafiin Romualdez Earlier, the House of required of foreign inves- and dividends. This mea-
and Albay Rep. Joey Sarte Representatives approved tors- sure is by far the most sig-
Salceda, who chairs the on third and final readine a The House of Repre- nificant economic legisla-
House committee on ways bill imposing addiho;l sentatives onMondaynight tion withpositive f ootprint
and means, passed during excise taxes on alcohol, to- also approved on second on almost every sector of
yesterday's sesgion House bacco and vape products. reading HB 313 or Corpo- our economy -- it sets the
Bill (lIB) 3O1 or the "Pas- Voting 186 agailst six rate Income Tax and Incen- platform to pu$ue a better
sive lncome and Financial and with two abstentions, tive Rationalization Act fufuJe for the next genem-
Intermediary Taxation the House of Representa- (CITIRA), the second pack- tion of Ffipinos. CITIRA
Act" (PIFITA), ard FIB 300 tivesapprovedonthirdand age ofDuterte's CTRP seek- will result in an incremen-
or the "Amen&nent of the final reading HB 304 to sim- ing to reduce the corporate tal GDP (gross domestic
Foreign Investments Act plify taxes on capital in- income tax rate from 30 product) growth of 3.6%
(FrA)". comeandfinancials€rviceE percent to 20 percent and armuallywhileaddingonly
"This is our comlltit- to generate P4.2 billion in rationalize the grant of fie 0.9ol" to inflation," said
ment to propel economic additional revenues for the cal incentives to investors Salceda.
growth to greater heights. goverrunent. and locators- Salceda added the en-
It is the duty of the 18th This is part of the fourth "House overcones big actment of PIFITA will al-
Congress to help sustain package of President Rod- business to approve Cm- lo w the country to compete
the successes of tle Presi- rigo "Rody" Duterte's RA the most significant better in attracting capital
dent's programs and ComprehersiveTaxReiom economic legislation in 34 and investment, which is

urgently needed to fund of

priodties of the House AAMBIrcWA party-
inft astructure, create more Representatives. liEtRep. Sharoncari4chan-
and better jobs arrd boost "Thisisanotherrecord- personoftheHousecommit-
inclusive ald sustainable breaking feat of the House teeone(onomicaffair,inh€r
growth of the economy. of Representatives which. sponsorship speech on the
'"The indusionof thecap was rirade possible r.riraer' fle nmen.ime"rtbill,said in
italincomeand financial ser- the leadership of Speaker the last 10 years, foreign di-
vices in the currentadrninis- Cayetano. Because of our rectinvestrnmtstotlreioun-
tratiorlscomprehensive tax effective legislative pro- tycontinuously€mainedat
reform program pro\rides a cess, the PIFITA and lowlevels,US$3.93billionon
window of oppoitunity to Amended FIA bills were theaverage.
achieve the much-needed thoroughly discussed and Garin also highlighted
reform in ttre finarcial sec- debateduionpriortotheir the benefits of Filipinos
tor," said Salceda. final approval," Villafu erte workingalongside foreign
Deputy Speaker and said. professionalsin the Philip-
Camarines Sur Rep. Luis The FIA Amendment iines.
Raymund Villafuerte, Jr. bi[, principa]ly authored "Allowjng slilled pro-
hailed the swift approval by Tarlac Rep. Victor Yap, fessionals to work in-our
of the PIFITA and amend- seeks to amend Republic country wor.:ld boost the
ment of the FIA bills, say- Act 7042, as amended, oth- competitivenessofouthu-
ing both measures are very erwis€ known as the "For- man resoutce. By working
important and timely- eign Investment Act of with professionals from
Villafuerte said the PI- lc91,"by allowingforeign- more advanced countries,
FIIA bill represents the ers to practice theirprofee Filpinos gain fresh per-
fourthpackage of the CIRP sionsinthePhilippines,and spectives and newknowl-
of the administration while ieducingtherequir€dnum- edge,broadeningtheskills
the amendment of the FIA beroflocal hires forcerla in setthev nuy abeadyhave,
bill is among the le#slative businesses. added Carin.