Tuesday, May 28, 2024

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British Cham PH: Immediate amendment of RTLA, FIA and PSA will draw more foreign investors to PH

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By Victoria “NIKE” De Dios

With Philippine President Rodrigo Duterte certified the three economic bills as urgent that are aimed to ease foreign investment restrictions in the country, lawmakers agreed that these bills will make the Philippines more accessible to foreign investments. 

This is also what BCCP Executive Director and Trustee Chris Nelson emphasized during the webinar that British Chamber has been a strong supporter of liberalizing the economy further. This means amending the Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), and the Public Services Act (PSA), as it will increase the country’s investment appeal and better compete with its ASEAN counterparts. He also noted the country’s talented and young population as a strong point in terms of FDI attractiveness. 

The Chamber hosted a digital event entitled Economic Watch: Boosting Resilience and Recovery with the objective to promote trade and investments between the UK and the Philippines. The guest speakers featured were Department of Finance Undersecretary Antonette Tionko, Noelan Arbis, HSBC ASEAN Economist, Quisumbing Torres partners Attorneys Ina Dominguez and Alexander Ner, Chairman Atty. Alexander Cabrera of PwC Philippines.
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