Press Release - PRIB: Senate gears up for 3rd Regular Session

Senate President Francis "Chiz" G. Escudero will bang the gavel to open the Third Regular Session of the 19th Congress Monday, July 22, 2024, ahead of President Ferdinand "Bongbong" Marcos Jr.'s third State of the Nation Address (SONA).

Legislative mills start to grind as senators buckle down to work to pass priority measures addressing economic woes of the country.

"We will focus on what was agreed upon during the recent LEDAC (Legislative-Executive Development Advisory Council) meeting under the Common Legislative Agenda," Escudero said.

Ten bills agreed during the meeting include amendments to the Electric Power Industry Reform Act (EPIRA); Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill; and, Amendments to the Foreign Investors' Long-Term Lease Act.

Escudero said changing some provisions in the EPIRA law is long overdue. Amendments to the EPIRA should accelerate national efforts toward a more energy-secure country, he said.

The CREATE MORE Act, on the other hand, would help improve the current regulations by enhancing the tax and administrative incentives available to companies, and clarifying rules on implementing VAT incentives, he said.

He said amendments to the Foreign Investors' Long-Term Lease Act would also reinforce the opening of the economy to foreign investments by extending the lease of private lands (excluding agricultural lands) to foreigners from a maximum of 75 years to 99 years from the current 50 years. This will stabilize long term leases with the grant of a certificate of leasehold while allowing leaseholders to collateralize the land.

Aside from these three proposed measures, other priority bills in the Common Legislative Agenda are:

� Reforms to Philippine Capital Markets to facilitate capital raising for Filipino companies through the stock market and boost the value of pension funds invested in the Philippine stock market by reducing taxes on stock transactions and equalizing the dividend tax;

Archipelagic Sea Lanes Act to strengthen the country's sovereignty over its archipelagic waters and maritime resources;

Amendments to the Right-of-Way Act to expedite