Chris Nelson, Executive Director and Trustee of British Chamber of Commerce Philippines joined the recent digital forum hosted by the CBRE Philippines on why the country stands as a rising investment and business destination in post COVID-19.
During the panel discussion, Nelson pointed out the need for the Philippines to pass investment-friendly reforms to attract foreign investors. He referred to the amendments on the Retail Trade Liberalization Act, Foreign Investment Act and Public Service Act, which are certified as urgent bills by President Duterte in May 2021.
Encouraging news on vaccines has boosted hopes for recovery but challenges remain. Nelson identified the need to contain the increasing COVID-19 positive cases and further accelerate the vaccination rollout in order to gradually reopen the economy again. The British Chamber strongly views that improving the Philippines’ restrictiveness on Foreign Direct Investments would depend on the governments’ efforts to liberalize its economy.
In a separate report published, the Philippines ranked third most restrictive out of 83 economies on the FDI Regulatory Restrictiveness Index compiled by the Organization for Economic Cooperation and Development (OECD).
The British Chamber remains committed to highlighting the business opportunities in the Philippines particularly in the Food and Beverage, Retail, Manufacturing and Business Services sectors. Significantly, the British Chamber expresses its confidence that more investors, particularly, British businesses will be attracted to invest in the Philippines if the right business environment is in place.
Featured speakers present were PEZA Director General BGen Charito Plaza, BOI Director For Investment Policy and Planning Service Sandra Recolizado, IT-BAP President and CEO Rey Untal, and CBRE Head of Capital Markets for Asia Pacific, Greg Hyland.
