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Consumer Act, CREATE, DTI priorities

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 goods.

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 country.”