March 28, 2003 -- The Legislative Executive
Development Advisory Council (LEDAC) convened on 14 January
2003 and urged Congress to pass key economic measures since
deliberations on several bills were left suspended when it adjourned
on 18 December 2002.
The 13 January to 21 March 2003 session marked the enactment
of the Overseas Absentee Voting Act of 2003 (RA 9189) and
the amendments to the Anti-Money Laundering Act (RA 9194).
Both measures had been the subject of much pressure from interest
groups like the overseas Filipino workers who consistently
urged congress to pass the Absentee Voting Act. The business
community likewise led the call for the enactment of an amended
anti-money laundering law to avoid sanctions that the Financial
Action Task Force may impose.
Moreover, Congress ratified the bicameral conference committee
report on the General Appropriations Act of 2003 (HB 5238)
and approved the Implementing Rules and Regulations (IRR)
of the Special Purpose Vehicle Act of 2002 (RA 9182) on March
19 and 20, respectively. Both measures are intended to help
the government in its operations.
The budget measure will finance the operations of the government
from 01 January to 31 December 2003 while the IRR of the SPV
Act will guide prospective investors and the Securities and
Exchange Commission in improving the liquidity of the country's
financial system through special purpose vehicles.
Congress will resume session on 21 April 2003 until 6 June
2003, the last before Congress concludes the Second Regular
Session and adjourns on 7 June 2003 to 27 July 2003.
Before going on recess last 20 March, the Senate deliberated
on the following bills: Philippine Geodetic Engineering Act
of 1998, Philippine Clean Water Act, Professionalization of
the Bureau of Fire Protection and Bureau of Jail Management
and Penology, Judiciary Salary Standardization Coverage Exemption,
Anti-Trafficking in Persons especially Women, Rationalizing
the provisions on the documentary stamp tax, and Rationalizing
the excise tax on automobiles.
The House of Representatives, on the other hand, approved
on third and final reading HB 5719, which seeks to restructure
the excise tax on automobiles-currently based on engine displacement-by
providing a four-tier value-based system of taxation. SB 2517,
its Senate counterpart, is pending second reading.
Also tackled by Congress was the bill which allows farm land
as loan collateral to make credit facilities of regular commercial
banks available to CARP beneficiaries. Certified by President
Gloria Macapagal-Arroyo as urgent, HB 5511 was approved by
the House on third reading on 28 November 2003. The Senate
recently concluded the conduct of its committee hearings on
the same measure.
