As the Philippines return to its pre-pandemic GDP levels, the government’s economic managers, foreign and local organizations continue to push for the passage of Malacanang urgent certified economic bills: the Retail Trade Liberalization Act (RTLA), Foreign Investment Act (FIA), and the Public Service Act (PSA).
The significant challenges of the pandemic continue to bring impacts on the local economy. During the recent two-part digital forum “Breaking Economic Barriers” organized by the British Chamber of Philippines, economic policy makers and advocacy experts said approval of the economic liberalization bills will support economic growth and post-pandemic recovery.
During the first session, a presentation on the implications of the passage of economic liberalization bills were delivered by Congresswoman Sharon Garin and Attorney Anthony Abad. For the second part of the event, Chris Nelson, BCCP Executive Director and Trustee acted as Moderator of the panel discussion.
Laure Beaufils, British Ambassador to the Philippines who was present at the event as one of the Guests Panelists commented that more can be done to support the industries in the Philippines with the foreign investments in place. Interest from UK companies remains high as the Philippines return to open up its economy, the Ambassador added, “There is not a day that goes by without having British companies that come to us and our trade team with particular interest in the Philippines.”
Currently, the RTLA is pending for President Duterte’s signature. Meanwhile, the FIA amendments have been recently reconciled by both the Upper and the Lower House and will be transmitted to Malacanang shortly. The PSA amendment bill is awaiting for Senate’s approval on second reading.
