MANILA — The Senate on Monday passed three significant legislative measures and a resolution supporting the Philippines' free trade agreement with South Korea, signaling a move to enhance economic and social infrastructures in the country. The approved Senate Bill Nos. 2415, 2451, and 2804, along with the concurring resolution, aim to boost various sectors including tourism, disaster resilience, and financial resources for development projects.
According to Philippine News Agency, Senate Bill No. 2415, which introduces a value-added tax (VAT) refund mechanism for non-resident tourists, received 20 affirmative votes. This bill is part of an initiative to increase tourist spending and stimulate economic growth. Senator Sherwin Gatchalian highlighted the potential benefits of the measure, which he believes will outweigh the risks by boosting tourism and creating up to 7,000 jobs annually until 2028. However, Senate Minority Leader Aquilino Pimentel III opposed the bill, citing concerns over potential tax leakages and the cost implications for Filipino taxpayers.
Senate Bill No. 2451, also known as the Ligtas Pinoy Centers Act, mandates the construction of typhoon-resilient and earthquake-proof evacuation centers in every city and municipality. Senate President Pro Tempore Jinggoy Estrada emphasized that these centers would provide safe refuge for displaced families during natural disasters and help prevent educational disruptions by keeping classrooms available for learning purposes.
The third measure, Senate Bill No. 2804, known as the New DBP Act, seeks to augment the Development Bank of the Philippines' capacity to support various development projects. Senator Mark Villar, the bill's sponsor, stated that the act would promote financial inclusion and enhance accessibility to resources needed for national development. The bill also aims to support sectors such as infrastructure, agriculture, and small businesses, crucial for sustainable economic growth.
Additionally, the Senate approved Resolution No. 1188, endorsing the free trade agreement with South Korea, signed in Jakarta on September 7, 2023. This agreement, ratified by President Ferdinand R. Marcos Jr. and submitted to the Senate for approval, is expected to enhance the country's competitiveness within the ASEAN region, attract foreign investments, and secure better trade concessions.