The British Chamber of Commerce Philippines welcomes the recent significant advancement on the pending bill amending the 1936 Public Service Act (PSA).
Chris Nelson, BCCP Executive Director and Trustee would like to recognize the Bicameral panel co chaired by Congresswoman Sharon Garin and Senator Grace Poe for their commitment to reconcile the amendments on PSA before it adjourns its session on Friday.
More importantly, the Chamber is now looking forward to the reconciled bill to be transmitted to Malacanang for President Duterte’s signature.
Together with other local and foreign business groups, the British Chamber is at the forefront working hard and actively pushing for the passage of three priority bills including the Retail Trade Liberalisation Act (RTLA) and Foreign Investment Act (FIA). These measures will certainly contribute in helping the government’s goal to ensure the country’s post-pandemic recovery.
By further easing foreign trade restrictions, the country will improve its global ranking in doing business and competitiveness. In relation to this, the Chamber is confident that the entry of foreign direct investments will further increase and the impacts of these measures will be significantly beneficial to Filipinos.
With the promising impacts of these reforms, such as the potential job opportunities, technology transfer and greater competition in the market, the Philippines has now a more attractive and investment-friendly environment.
Overall, as the Philippines is making significant advances liberalizing its economy, the British Chamber recognises the value presented by Regional Comprehensive Economic Partnership (RCEP).
As the Senate nears to adjourn its session, we remain optimistic that Philippine membership to RCEP will be ratified soon. By joining the largest free-trade bloc, will further complement the government’s initiatives to make the country more attractive to foreign investments.
