AmCham welcomes Cadena prioritization

Title AmCham Philippines Commends Prioritization of Cadena Act Boosting Transparency and Investor Confidence

The American Chamber of Commerce of the Philippines (AmCham Philippines) has warmly welcomed the swift approval of the proposed Citizen Access and Disclosure of Expenditures for National Accountability (Cadena) Act, highlighting its potential to enhance transparency and investor confidence in the country.

A Crucial Step Towards Transparency

As AmCham Philippines' Arangkada project director Steve Winkates noted, public access to government spending is a vital step in building trust in public institutions. With the approval of the Cadena Act, investors will have greater confidence in the country's economic opportunities, unlocking new possibilities for growth and job creation.

A Commitment to Good Governance

AmCham Philippines has consistently advocated for measures that promote good governance, such as the Freedom of Information Act, ease of doing business reforms, amendments to the Bank Secrecy Act (enabling greater financial transparency), and stronger oversight of public institutions. The prioritization of the Cadena Act is an encouraging signal that transparency is being taken seriously.

The Power of Transparency

The proposed Cadena Act aims to institutionalize transparency in public finance through a digital budget portal that allows public access to comprehensive information on budget planning and preparation, legislation and authorization, procurement, budget execution, and fund management. This increased transparency will enable citizens to hold government officials accountable for their actions and decisions.

Accelerating Progress

In a meeting with the Legislative-Executive Development Advisory Council on December 9, President Ferdinand Marcos Jr. urged lawmakers to accelerate the bill's approval. The Senate approved the Cadena Act on second reading on December 10, paving the way for its passage in the House of Representatives and eventual signing into law.

Conclusion

The prioritization of the Cadena Act is a significant step towards greater transparency and accountability in government spending. As AmCham Philippines continues to advocate for good governance, we can expect to see increased investor confidence and economic growth in the country.

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Keywords AmCham Philippines, Cadena Act, transparency, investor confidence, good governance, accountability, public finance.

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