“As part of our goal to institutionalize good governance through legislation, I would like to reiterate the Department’s support for House Bill No. 2765, An Act Rationalizing the Grant and Administration of Fiscal Incentives for the Promotion of Investments and Growth, and for Other Purposes, also known as the Fiscal Incentives Rationalization Bill, as filed by Representative Luigi Quisumbing of the 6th district of Cebu.
“The objective of this bill is to instill further transparency in our government by requiring units to be accountable for the incentives they grant. This means that a department, as part of the budgeting process, must clearly outline what incentives it proposes to grant, at what cost, and what measurable outcomes each incentive will bring. When it is time to debate whether or not to continue incentives, these will be judged based on whether or not they have produced the desired outcomes. This will make it easier for us discontinue incentives that are either misaligned with our goals or for industries that are already mature. Likewise, this bill will help us identify which sectors use incentives most effectively in bringing benefit to the Filipino people.
“This bill will help us trim waste from government spending and will help us free up fiscal space to invest in our people and our infrastructure. I hope that this bill gets all the support it deserves not just from congress, but from the public as well.