Welcome to the Official Website of Senator Aquilino Q. Pimentel Jr.

PIMENTEL SEES NEED FOR BIZ-FRIENDLY ENVIRONMENT

Big businessmen recently asked Senator Nene Pimentel to give his proposed Magna Carta for Business real teeth so that it would work. Senator Pimentel told representatives of industry and business that he has come to appreciate the role private business plays in economic development. He said this is why he is proposing a Magna Carta for Business. This bill would lay down a policy of the state to recognize private business as the main engine for economic growth. It would bring together many existing laws governing business development and install a Presidential Commission for Business Concerns to see to it that the privileges and incentives granted by government are not changed arbitrarily. Additionally, the Magna Carta would set in place incentives to spur business development, and consequently economic growth.

Representatives of business expressed their appreciation of the senator's intentions to create a business friendly environment, but they said the Magna Carta, as proposed, lacked teeth. Mr. Ramon Sy in particular pointed out that many agencies of government were involved in overseeing the conduct of business, but the commission had no authority to carry out penalties for violators. Pimentel noted proposed improvements to the bill and said his consultations with business groups around the country will continue in the coming months. He hopes to file a revised bill by November.