As the country draws closer to welcome another year, the Philippines continues to woo foreign investors that would help our country to economic recovery as the effect of the pandemic hurts many businesses.
Cognizant of the issue of the country’s plan to achieve economic recovery, British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson reiterated the chamber’s position on the need to progress in the passage of economic reforms.
In his TV interview, Nelson shared the Chamber’s confidence in the passage of the Retail Trade Liberalisation Act (RTLA). As the bill is now up for the signatures of the Speaker of the House and the Senate President before it is submitted to the President, Nelson says that RTLA will send encouraging signals to investors. He further added, “What they’re looking for is that the economy will continue to reopen and also that those measures that I’ve referred to, starting with the retail trade act, will be passed very shortly.”
Other economic measures such as the Foreign Investment Act (FIA) and Public Service Act (PSA) are also in the works, with the FIA now coming next to RTLA in terms of being approved. Nelson said, “Certainly we see a lot of progress with the [RTLA, the FIA] and we’d like to see [the same for] the PSA. It can all be done, and we would urge Congress and everybody to work together to get it done.”
Moreover, Nelson noted that investors are also looking at the long-term prospects when it comes to doing business in the Philippines. With reference to the 6% pre-pandemic growth levels of the country, Nelson said, “They’re looking forward to see how [the Philippines] will come back [to that].”
Nelson also touched on how the Chamber works very closely with the British Embassy to reach and expand their network. He specifies that in partnership with the UK’s Department for International Trade, the Chamber through the Overseas Partner Delivery program continues to assist UK investors engaged in the following sectors: retail, food and beverage, advanced manufacturing, and agritechnology.
Overall, the Chamber sees the progress on the RTLA as a great opportunity that will boost the Chamber’s efforts of promoting business in the Philippines to British investors. As the bill is certified as urgent, the Chamber hopes to see the RTLA passed during the current administration. The RTLA, along with the FIA and PSA, will all be impactful towards liberalizing the economy and further supporting the country’s economic growth.