Ilocos Norte Governor Imee Marcos / Photo by Irene R. Sino Cruz
CEBU CITY, Philippines–Senatorial candidate Imee Marcos favors calls for a review of the Trabaho Bill especially on the provisions affecting the manufacturing sector based in economic zones.
Marcos cautioned against the bill, which includes changes in the tax incentives given to foreign investments. Instead of creating more jobs, the Trabaho bill could lead to loss of jobs, she pointed out.
The Ilocos Norte Governor noted that some multinational companies have cut down in their operations in anticipation of the approval of the bill.
“Instead of running 10 production lines, a company only operates two,” Marcos, who was in Cebu this morning, April 30, pointed out as an example.
She recalled the adverse effects of the Train Law when it was implemented in January last year.
According to Marcos, prices of basic commodities went up and inflation rate reached around six percent.
She admitted that the government needs funds for the Build, Build, Build program of the present administration. But while there’s a need to address infrastructure requirements, she said the administration should study the bill carefully.
Marcos explained that the Philippines has to compete with other countries like Singapore and Malaysia. These countries even offer free use of buildings to be used as manufacturing facility to attract foreign investments for 10 years, she pointed out.
The Cebu Chamber of Commerce and Industry (CCCI) had expressed concern over the Trabaho bill, especially its impact on the country’s competitiveness./dcb