In photo: British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson (From THEPHILBIZNEWS/Manuel N. Roma, Jr.)
By Alithea De Jesus
With the lawmakers busy on the election campaign, the British Chamber of Commerce Philippines is looking forward to the swift approval of the two remaining priority economic reforms which are the amendments of Foreign Investment Act (FIA), Public Service Act (PSA) and also Senate’s ratification of the Philippine membership to Regional Comprehensive Economic and Partnership (RCEP).
A staunch advocate to bring in more foreign investors to the Philippines, British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson has been very active in coordinating with various foreign chambers in the Philippines and also with the members of the British Chamber of Commerce in the Philippines. The foreign biz groups continue to think of how they can maximize the potential of the country and become the preferred investment hub in the region.
Just recently, Nelson welcomed the amendments to the PSA that allows 100 percent foreign ownership to key economic sectors such as telecommunications, airlines, railways and subways, domestic shipping, highways and airports.
He also affirmed that PSA will be an important signal to foreign investors. “It’s going to be a clear signal and I think it will increase competition. The PSA combined with the other two economic liberalization bills (RTLA and FIA) clearly indicates that the Philippines is opening up and will further attract foreign investment which has increased this year,” he said.
In an interview, when asked how the RCEP will help the Philippines, Nelson reiterated that it will be beneficial for the country to join the trading bloc. “It’s very important that the Philippines joins RCEP and obviously [we’re] confident that it will happen in May,” he said.
On the issue raised by the local agriculture groups, he recognised that DTI assured that it will benefit the local sector as well. “DTI particularly Assistant Secretary Allan Gepty has answered those points, there’s also advantages as well for the agricultural produce in terms of access to cheaper fertilisers and other products plus there will still be tariffs or controls on certain key products,” Nelson said.
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As economic reforms advanced significantly, Nelson highlighted the Chamber’s role in promoting these changes in the UK. “When we talk about the role of the British Chamber we’re very keen to promote the opportunities of investing and trading in the Philippines as a gateway to Southeast Asia.”
On the British Chamber’s wishlist for the next administration, Nelson reiterated the need to enhance the country’s infrastructure even more and hopes that efforts to open the economy will still be pursued. “[For the] next administration, [measures] continuing to open up the economy, developing the infrastructure, and moving further in terms of transparency and digitalisation which have all occurred under the current admin [should be maintained]”.
