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CADENA Act to boost investor confidence
The American Chamber of Commerce of the Philippines (AmCham) believes that the proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act will boost investor confidence.
AmCham's Arangkada project director, Steve Winkates, stated that increased public access to budget information is vital for building trust in public institutions, which in turn can unlock economic opportunities and attract investments.
Senator Paolo Benigno Aquino IV filed Senate Bill No. 1506, which aims to create a digital budget portal for public access to various stages of budget management, from planning to fund execution.
The bill has already passed its second reading in the Senate as of December 10.
President Ferdinand R. Marcos, Jr. has also urged Congress to prioritize the CADENA Act, signaling a serious commitment to transparency, according to Mr. Winkates.
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The Senate has approved on third and final reading Senate Bill 1506, the Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act, with 17 affirmative votes.
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The Philippine Chamber of Commerce and Industry (PCCI) is urging President Ferdinand Marcos Jr. to certify as urgent four priority governance reform bills aimed at curbing corruption, strengthening institutions, and boosting investor confidence.
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