THE Department of Trade
and Industry (DTI) has asked
the new chairman of the
House committee on trade
and industry to prioritize the
passage of consumer protections and pricing laws.
In a statement Thursday,
the DTI said Secretary Ramon M. Lopez asked the concerned House committee to
give priority to the passage of
a revised Consumer Act of the
Philippines, as well as an expanded Price Act.
The House committee on
trade and industry approved
last year an amendment to the
Price Act to classify personal
protective equipment (PPE)
as a prime commodity subject
to price regulation.
Lopez also asked to prioritize small-business funding and the “One Town, One
Product” to encourage specializatyion in certain classes of
Lopez also expressed support for the revised Warehouse
Receipts Law that would allow
farmers to use their crops as
collateral for bank loans. This
is currently pending with the
Committee on Appropriations.
The trade secretary also
rallied behimd the passage of
the Corporate Recovery and
Tax Incentives for Enterprises
(CREATE) Act, which cuts corporate income tax rates while
streamlining fiscal incentives.
Legislators are harmonizing
both chambers’ versions of the
bill and hope to wrap up bicameral conference committee
sessions within the month.
“This is a very important piece of legislation that
will help the economy recover much faster and stronger, with the reduction in
income tax rates and better
set of time-bound, performance-based and focused incentives,” he said.
“The CREATE bill is a
game-changer in attracting more investments to the