American Investors Hit Congress

After being criticized for meddling in the country's legislative affairs, American investors hit back at Filipino legislators for allegedly working at a snail's pace in enhancing the country's business environment.

The largest group of American investors in the country has aimed its tirade against incumbent senators and congressmen whom it described as the least productive group of lawmakers in a decade.

In its 2003 Road Map to More Foreign Investment, the American Chamber of Commerce (AmCham) in the Philippines cited the need for the 12th Congress, the present group of senators and congressmen, to hasten its work on many reform measures.

"The current Congress is the least productive in a decade. The pace of legislative reform needs to pick up soon," the foreign chamber said.

Earlier, several local senators and congressmen criticized the American government and the American investors for organizing lobby groups that influence the policy-making process in the country. In particular, American investors were accused of lobbying for the passage of the anti-money laundering law and its amendments and several supposed reform measures such as the Open Skies policy.

This time, it was American investors criticizing the Filipino legislators for not passing the following measures: power sector reforms, reorganization of the country's tax revenue system, the proposed Anti-Terrorism Act, the Corporate Recovery Act, the bill seeking the removal of the Documentary Stamp Tax on secondary transactions, the Excise Tax Indexation, amendments to the present Investment Incentives Package.

The group has submitted its paper to the office of President Gloria Macapagal Arroyo.