THE leadership of the House of Representatives assured the public that Congress would focus its efforts on institutionalizing policy reforms that would maximize gains from an emerging Asean Economic Community (AEC) in 2015.
Speaker Feliciano Belmonte Jr., during the recent House hearing on the AEC, reiterated that the country remains on track for the coming 2015 integration.
“Integrating into the AEC is not only about opening up but also pushing for good governance by addressing in particular the key institutional weaknesses faced by the citizenry at large,” Belmonte said.
The Speaker said the country would certainly face heightened scrutiny in meeting its commitments and obligations toward the whole of the Asean community and its member-states.
“There are certainly enormous tasks and benefits in the realization of the AEC vision of a single Asean market; a highly competitive economic region; an equitable economic development and full integration into the world economy,” Belmonte said.
He noted that Asean has a market of 600 million people and a combined gross domestic product of $3 trillion, a situation which could make the AEC a “formidable force in the global economy.”
Belmonte said that as a region, Asean has made progress in the implementation of commitments to the AEC by its member-states.
Belmonte, however, cited that measures covering trade-customs modernization, standard and conformity, services liberalization, investments and ratification of transportation agreements have not been fully implemented.
“This is due to delays in the ratification of signed Asean-wide agreements and their alignment with national domestic laws, as well as delays in the implementation of specific initiatives,” he explained.
Belmonte said that several measures are on the priority list of the 16th Congress in preparation for the integration which include: enacting an Antitrust-Fair Competition law; amending the economic provisions of the 1987 Constitution on foreign ownership and equity; amending the Foreign Investment Act; amending the Tariff and Customs Code; reforming the aviation sector through an Open-Skies policy; amending the charters of Philippine Ports Authority and Maritime Industry Authority, and amending the Cabotage law.
“Just as the center of global economic gravity is shifting toward Asia, the AEC could play a pivotal role in insuring that the rising tide could lift all the members’ boats up, enabling each and every Asean member-state to partake in broader region-wide wealth-creating activities,” he said.
Belmonte said the Executive branch and the legislature have agreed to pass these measures that will help the country and the people to maintain the Philippines’s global competitiveness and integration toward sustainable economic development.
In 2007 Asean leaders adopted the Asean Economic Blueprint at the 13th Asean Summit in Singapore to serve as a coherent master plan guiding the establishment of the AEC in 2015.
The AEC areas of cooperation include human-resources development and capacity building; recognition of professional qualifications; closer consultation on macroeconomic and financial policies; trade financing measures; enhanced transactions through e-Asean; integrating industries across the region to promote regional sourcing; and enhancing private-sector involvement for the building of the AEC.