NextGen Day

The budget for the proposed constitutional convention (con-con), according to a number of business organizations, can be diverted to high-priority initiatives and policies that will help the Filipino people deal with their current problems.

The National Economic and Development Authority (NEDA) estimated that the cost of con-con would range from PHP14 billion to PHP28 billion; according to a joint statement by the Filipina CEO Circle, the Financial Executive Institute of the Philippines, Justice Reform Initiative, Makati Business Club, Philippine Women’s Economic Network, Inc., and Women Business Council Philippines, these funds could be used for pro-people initiatives.

According to House Bill 7352, 300 con-con delegates will receive PHP10,000 per day, or PHP3 million per day, or PHP400 million over the course of seven months. This sum might be used to fund a variety of government social activities.

According to the business organizations, “we believe these funds can be better used on agriculture to address the high inflation, transportation to make it easier for Filipinos to commute to work and home, and needed social services like health, education, and social security.”

The business groups cited data from the Department of Budget and Management (DBM) and claimed that the low-end budget for con-con at PHP14 billion was higher than the proposed budgets for school structures (PHP13.9 billion), farm-to-market roads (PHP13.1 billion), the Rice Comprehensive Enhancement Fund (PHP10 billion), basic education facilities (PHP9.8 billion), computerization program for public schools (PHP8.9 billion), and agricultural machinery, equipment, and facilities (PHP5.9 billion (PHP2.7 billion).

According to the groups, recent government changes including the Public Service Act, Foreign Investment Act, and Retail Trade Liberalization Act revisions can result in significant economic gains, despite the fact that political controversy can scuttle them.

The major concerns of the business sector, according to the business groups, have been addressed by these economic reforms.

In a time when the Philippines and the rest of the globe are facing significant economic challenges, “we believe that these measures when combined with President Ferdinand R. Marcos Jr.’s efforts to revive local and foreign investment can expedite recovery and job growth. When making selections about their investments, investors consider stability. Investors may adopt a wait-and-see approach for an extended period of time due to the potentially drawn-out and contentious process of rewriting the Constitution, which would halt the impact of the reforms, they warned.

They noted that Congress might instead concentrate on economic and other pieces of legislation, like the two tax reform proposals and the bill to make it easier to pay taxes.

The organizations stated that they “believe these can greatly enhance government revenue and job creation at this crucial time.”

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