British Chamber Executive Director and Trustee Chris Nelson (File photo: THEPHILBIZNEWS/Manuel N. Roma, Jr.)
By THEPHILBIZNEWS STAFF
British Chamber of Commerce Philippines welcomed the recent signing of Republic Act (RA) No. 11595, amending RA No. 8762, or the Retail Trade Liberalization Act of 2000.
Having been at the forefront in pushing for the economic reforms in the Philippines, the British Chamber believed that the amendment of the following economic reforms of Retail Trade Liberalization Act, Foreign Investment Act and Public Service Act will spur more investments to the country.
Since April 2021, President Rodrigo Duterte certified the urgency to enact the reforms and urged Congress once again, to fast track the three bills during his last State of the Nation Address. During the remaining months of 2021, British Chamber Executive Director and Trustee Chris Nelson consistently called upon the Congress to swiftly approve the said economic reforms.
With the recent signing of Republic Act (RA) No. 11595, amending RA No. 8762, or the Retail Trade Liberalization Act of 2000, the British Chamber welcomes the move creating a more conducive investment environment, fostering increased competition and creation of additional job opportunities. In this regard,we would like to commend the Congress and the administration key economic managers for their commitment to restart the economy, deliver high and inclusive growth through international trade and cooperation.
The British Chamber strongly believes to fully unlock the potential of the country, easing foreign restrictions is a must to spur economic growth and recovery in the post-pandemic era. With the latest enactment of the reform, we are confident more UK retailers will be attracted to the Philippine market.
On the way forward, the Chamber is eager to extensively promote the lowered minimum paid-up capital in the UK alongside the UK Department for International Trade in Manila and the British Embassy Manila. Interests and enquiries from UK-led retailers is expected to increase. Previously in 2021, the BCCP received over 160 enquiries from UK companies considering doing business in the Philippines.
Although the British Chamber is encouraged by this progress, a need to dismantle remaining barriers for foreign investments still exists. In this manner, the passage of Foreign Investment Act and Public Service Act will surely complement the ongoing efforts to open up the economy for foreign investors.
