Exporters group welcomes President Aquino’s newly signed laws

By Kris M. Crismundo

MANILA, July 21 (PNA) — The Philippine Exporters Confederation Inc. (Philexport) has welcomed two new economic reforms after President Benigno S. Aquino III signed on Tuesday the Philippine Competition Law and the amendments to Cabotage Law.

“Those are two of the most awaited laws which will definitely push forward economic development,” said Philexport President Sergio Ortiz Luis Jr. in a text message.

Particularly, the Republic Act No. 10668 or the Foreign Ships Co-Loading Act which is an amendment to Cabotage Law will benefit exporters in other parts of the country as it will cut logistics cost, according to Ortiz Luis.

The Foreign Ships Co-Loading Act now allows foreign ships carrying goods for export and import to dock in multiple ports in the country.

In the previous version of the Cabotage Law, foreign vessels are only allowed to serve in the Manila port and not in local ports. Cargos from the foreign ships for Visayas and Mindanao will be carried by domestic shipping lines.

“The amended Cabotage Law will bring down shipping costs especially for exporters in Mindanao,” the Philexport chief said.

He, likewise, noted that the Philippine Competition Law will not only promote fair trade in the country but will also attract foreign investors to do business in the local market.

“The Competition Law should attract more FDIs (foreign direct investments) who are turned off by entrenched multinationals who are perceived to be very influential,” he added.

Moreover, a Competition Law is one of the commitments of each Southeast Asian country under the ASEAN Economic Community taking place on the last day of 2015.

It took 25 years for the Philippine Congress to pass the Competition Act. (PNA)