Press Release
August 1, 2016

Ejercito Lauds the Enactment of Various Economic Laws

Senator JV Ejercito welcomes the enactment into law of various legislations of the Economic Affairs Committee which he chaired during the 16th Congress.

"I am really overwhelmed with the positive outcome of all our hardwork in the Economic Affairs committee. Through our partnerships with various stakeholders, the committee had been instrumental in enacting three important laws," Ejercito said.

He added, "Today we finally amended the restrictions to foreign investment through Republic Act 10881. The MIMAROPA Region is now established through Republic Act 10879 and Republic Act 10922 instituted the Economic and Financial Literacy Week."

The Senator said that RA 10881 (Amendment to Foreign Investment Restrictions) will liberalize investment activities and areas which significantly contribute to industrialization and socioeconomic development. These investment activities include lending, adjustment, financing and investment houses which are governed by specific laws.

RA 10879 will give MIMAROPA a distinct regional status from its present position as part of Region IV and should boost its economic standing, promote tourism, and propel its agriculture.

Meanwhile, RA 10922 declares the 2nd week of November as Economic and Financial Literacy Week. There will be consciousness-raising and knowledge-expanding activities that could be integrated in the school curriculum. The law also mandates the printing and distribution of financial literacy materials, as well as the active participation of the private sector and the civil society.

Ejercito also underscores the commitment of the various stakeholders from the government and the private sector.

"The committee had been really productive during the last Congress because of the cooperation and commitment of the people involved, both from the government and the private sector. I believe that the committee did its part in contributing to the country's sustainable economic growth," Ejercito said.

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