Bello was among those who discussed the negative impact of several administration-backed bills that were passed by Congress during an online forum hosted by the Freedom from Debt Coalition

President Rodrigo Duterte’s administration pushed for bills that would open up the economy and attract foreign investments. The amendments on the Public Services Act, for one, eases the restriction on foreign ownership in select sectors.

The administration also pushed for the passage of the amendments to the Foreign Investment Act as well as the Retail Trade Liberalization Act which had already been signed into law.

“The elimination of the nationalist provisions of the Constitution had long been demanded by the foreign investors’ lobby. The COVID-19 pandemic provided a perfect opportunity for them to push their goal in the form of the Amended Public Services Law, justifying it as necessary to create foreign enterprises that would assist the country to recover from Covid-19,” said Bello.

The two other measures, once enacted, could affect local businesses including farmers due to the potential influx of cheaper and subsidized foreign products, Bello said.

“Nagsimula itong ang pagdagsa ng very cheap imports na subsidized naman. At pag hindi subsidized, sold below costs para they could takeover the market and raise prices. This killed the Marikina shoe industry,” said Bello.

(It started with the influx of very cheap imports which are subsidized. If products are not subsidized, sold below costs so they could takeover the market and raise prices)

“We really need to look at this industrial collapse or manufacturing collapse is not just of finished goods industry we are familiar with, but with the supplier industries as well as retailers that are dependent on them. Talagang magkakabit lahat yan at pag bumagsak, sama-samang babagsak yan.”

The United Broiler Raisers Association as well as the Philippine Chamber of Agriculture and Food Inc agreed that cheaper products from abroad could negatively affect the agriculture sector.

Meanwhile, the Freedom of Debt Coalition president Rene Ofreneo said they are planning to question the Constitutionality of the bills before the Supreme Court.

Economic managers have said the 3 bills will boost the country’s competitiveness, generate jobs, promote affordable consumer goods as well as accelerate growth and recovery.

Jekki Pascual

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