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Proposals to amend certain “economic” provisions of the 1987 Constitution remain in limbo in the Senate despite President Ferdinand Marcos Jr.’s support for the resolution on Charter change approved by the House in early February.

Speaker Martin Romualdez said he and newly minted Senate President Francis “Chiz” Escudero have not discussed Resolutions of Both Houses (RBH) 6 and 7 before Congress adjourned its second regular session in May.

In a May 27 interview, Escudero said he “does not agree” with the proposed amendments because it remains unclear if the two chambers of Congress would vote jointly or separately on specific provisions to be changed.

RBH 7, which Romualdez described as the “last piece in the puzzle of investment measures,” faced opposition for being unconstitutional. The Marcos administration is “pushing hard” to attract more foreign investments, supposedly to achieve its goal for the country to achieve upper-middle income status by 2025.

In line with this, Marcos enacted the Maharlika Investment Fund (MIF) on July 18 last year after its relatively swift approval by Congress. The president had vowed to have the MIF “operational” before the end of 2023 despite pushback from some lawmakers.

However, staffing and the organizational structure of the Fund are still waiting for the greenlight of concerned agencies before the president’s final approval.

“The reality is that you can’t really deploy until you’ve gone through all the diligence, et al. So, perhaps the deployment might occur in 2025, I think,” the Fund’s CEO, Rafael Consing Jr., said.

He added that the commitments for the MIF would all be done this year after securing a P22.2-billion budget from the government for its investment commitments in May 2024.

Of Marcos’ 13 promises on the economy in his 2023 State of the Nation Address (SONA), three remain stalled, six have been fulfilled and four are still in progress.

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Promises

Check The Sources

 

Presidential Communications Office, Speech by President Ferdinand R. Marcos Jr. at the Constitution Day 2024, Feb. 8, 2024

The Philippine Star, Speaker meets Chiz; no talks yet on economic Cha-cha, June 5, 2024

GMA Integrated News, Escudero remains firm on Cha-cha opposition, May 27, 2024

House of Representatives, House OKs proposed economic Charter amendments on final reading; Speaker says changes last piece in investment puzzle, March 20, 2024

INQUIRER.net, OSG told: Maharlika Investment Fund an ‘injustice’, July 1, 2024

Malaya Business Insight, SC asked anew to stop Maharlika fund law, July 2, 2024

The Philippine Star, Maharlika organizational structure being finalized, April 11, 2024

The Philippine Star, Delays stall Maharlika’s organizational structure, July 4, 2024

On implementing Maharlika Investment Fund

ANC 24/7, Maharlika Fund to make first investment in Q4 2024, to prioritize energy sector, Feb. 20, 2024

Department of Finance, Maharlika Investment Fund, Accessed on July 5, 2024

Bloomberg, Philippine Wealth Fund Plans First Investment in Three to Four Months, Jan. 18, 2024

The Philippine Star, Maharlika organizational structure being finalized, April 11, 2024

The Philippine Star, Delays stall Maharlika’s organizational structure, July 4, 2024

Philippine News Agency, MIC inks partnerships for infra, energy development, April 29, 2024

Bases Conversion and Development Authority, BCDA partners with Maharlika to explore investments within its properties, accessed July 9, 2024

On passing New Government Procurement Law

Senate of the Philippines, House Bill No. 9648, Accessed July 5, 2024

Senate of the Philippines, Senate No. 2593, Accessed July 5, 2024

Legislative-Executive Development Advisory Council, Ledac Approves 28 Priority Bills For Passage Within 19th Congress, June 25, 2024

On passing New Government Auditing Code

Senate of the Philippines, House Bill No. 9674, Accessed July 5, 2024

Senate of the Philippines, Revised Government Auditing Act, Accessed July 5, 2024

Commission on Audit, Commission on Audit at a glance, Accessed July 5, 2024

Commission on Audit, House approves bill revising government auditing code, Dec. 21, 2023

Commission on Audit, Presidential Decree No. 1445 – Government Auditing Code of the Philippines, March 5, 2014

On implementing Local Government Code based on Supreme Court clarification

Department of Budget and Management, Frequently Asked Questions Mandanas-Garcia SC Ruling, Nov. 9, 2021

Presidential Communications Office, PBBM wants further scrutiny of EO 138, review devolution of nat’l gov’t function, March 21, 2023

Official Gazette of the Philippines, Executive Order No. 138, June 1, 2021

Presidential Communications Office, PBBM orders national gov’t agencies to analyze full devolution initiative; come up with a list of functions of LGUs, Dec. 25, 2023

National Economic and Development Authority, Philippine Development Report 2023 Annex 4.1, Feb. 1, 2024

National Economic and Development Authority, NEDA Conducts LGU Consultation on Devolution Study, March 19, 2024

On passing excise tax on single-use plastics

National Economic and Development Authority, LEDAC approves 28 priority bills for passage within 19th congress, June 25, 2024

Philippine News Agency, DOF pushes for excise tax on single-use plastic bags, March 25, 2024

The Philippine Star, Excise tax on single-use plastics to yield P34 billion, March 26, 2024

Senate of the Philippines, Senate Bill No. 1844, Feb. 26, 2023

Senate of the Philippines, Single-use Plastics Regulation and Management Act of 2022, accessed July 5, 2024

On passing VAT on digital services

Senate of the Philippines, Senate, House OK proposed VAT on Non-resident Digital Service Providers Act, June 27, 2024

Philippine News Agency, Bicam approves VAT on foreign digital service providers, June 27, 2024

On passing rationalization of mining fiscal regime

House of Representatives, House Bill No. 8937, Accessed July 5, 2024

Senate of the Philippines, Enhancing The Fiscal Regime For The Mining Industry, Sept. 27, 2023

On passing Motor vehicle user’s charge/road user’s tax

Senate of the Philippines, House Bill No. 9647, Accessed July 5, 2024

Senate of the Philippines, Renaming Motor Vehicle User’s Charge Into Motor Vehicle Road User’s Tax, Dec. 13, 2023

On passing Anti-Financial Accounts Scamming Act

Senate of the Philippines, Anti-Financial Account Scamming Act, Feb. 21, 2024

Senate of the Philippines, Senate Bill No. 2560, Accessed July 5, 2024

On passing Tatak-Pinoy Law

Official Gazette of the Philippines, Republic Act No. 11981, Feb. 26 2024

Department of Trade and Industry, DTI issues the Implementing Rules and Regulations (IRR) of the Tatak Pinoy Act, May 24, 2024

On Passing the Blue Economy Law

Senate of the Philippines, House Bill No. 9662, accessed July 5, 2024

Senate of the Philippines, Blue Economy Act, accessed July 5, 2024

Senate of the Philippines, Sponsorship Speech Of Senate President Pro Tempore Loren Legarda, Sept. 25, 2023

On passing Ease of Paying Taxes

The Lawphil Project, Republic Act No. 11976, January 5, 2024

Bureau of Internal Revenue, Revenue Memorandum Circulars No. 3-3034 Annex B, accessed July 5, 2024

Bureau of Internal Revenue, Revenue Regulations No. 8-2024, March 22, 2024

On passing LGU income classification

Official Gazette of the Philippines, Republic Act No. 11964, Oct. 7, 2023