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Pending bills
• Securitization Act: creates the necessary infrastructure
to establish a market environment for a wide range of asset-backed
securities such as allowing the present valuation of future
streams of revenue accruing from the operation of a certain
project so that the money may be used for immediate purposes.
• Special Purpose Asset Vehicle: institutes
a program to deal with bank non-performing loans (NPLs) to
stimulate real estate and housing industries without government
having to spend public funds.
• Department of Housing and Urban Development Act:
establishes the Department of Housing that will ensure the
rational management of urban growth, the optimum use of urban
land and resources and the availability of affordable, adequate
and decent shelter and other related basic services.
• Indexation of Sin Taxes: imposes an excise tax
on tobacco and alcoholic beverages in order to update the
basis of taxation to the present level and to index it to
inflation rate.
• Magna Carta for Countryside and Barangay Business
Enterprises (CBBEs): encourages the formation and growth
of CBBEs in the countryside by granting non-tax incentives
such as access to credit capitalization, technical support
and marketing assistance.
• Removal of Documentary Stamp Tax (DST)
on Secondary Trading Transactions: removes the key impediment
to increasing the volume of financial instruments traded in
the secondary market.
• Amendments to the Philippine Deposit
Insurance Corporation (PDIC) Charter: strengthens the
PDIC by providing permanent and continuing coverage of all
insured deposits; restores its authority to review bank performance.
• Corporate Recovery Act: modernizes
and clarifies rules for rehabilitation and insolvency of financially
distressed enterprises.
• Philippine Railways Modernization
Act: speeds up rural development, spurs the founding of
new townships and eases traffic and urban congestion through
the rehabilitation and reconstruction of the existing Philippine
National Railways network.
• Absentee Voting Act: allows qualified
Filipino voters who are residing or working abroad to exercise
their right to vote.
• Planting of One Billion Trees Nationwide/Massive
Reforestation: mobilizes all sectors of society in planting
forest and fruit trees on at least one million hectares of
open and denuded public forest lands, private lands and idle
portions of alienable and disposable lands.
• Farm Land as Loan Collateral:
ensures economic viability of lands distributed under the
CARP (Comprehensive Agrarian Reform Program) providing access
by CARP beneficiaries to credit facilities of regular commercial
banks.
• Declaring the Celebration of Eidul
Fitr as National Holiday: boosts cultural and national
unity by recognizing the Muslim heritage through the observance
of Eidul Fitr as a national holiday in the entire Philippines.
• Amendments to the Civil Service Act:
reviews the Civil Service Code in order to respond to the
changing needs of a professional civil service.
• Electoral Reforms: strengthens
the electoral system by prohibiting political dynasty; increasing
the compensation of the Board of Election Inspectors; requiring
voter's ID during elections; amending the Automation of Elections
Act (RA 8436); reforming campaign finance; and prohibiting
political turncoatism, among others.
• Dual Citizenship: allows dual
citizenship in order to strengthen unity among Filipinos here
and abroad and to pave the way for their return and entice
them to invest in the Philippines.
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