FILE PHOTO: British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson
Amidst the opening of the economy and the implementation of Alert Level 1 in many parts of the Philippines, this move from the government was received very well by the business community and biz group like the British Chamber of Commerce Philippines.
However, this development can even be complemented by increasing the entry of foreign direct investments in the coming years, as pointed out by BritCham Philippines Executive Director and Trustee Chris Nelson.
“The Philippines’ COVID-19 response, including the opening of the economy and the enhanced health uprotocols are not enough for the country to achieve economic recovery and growth. The country needs more opportunities from foreign direct investments in the coming years,” Nelson pointed out.
In his TV interview, Nelson emphasized that small businesses and other local players can benefit from the entry of foreign competition in the Philippines. He said, “Capital and supporting those local players will actually come from a more open environment.” He further added that combining the country’s young and talented workforce with the government’s efforts to ease foreign entry restrictions, beginning with the passage of the amendments to the Retail Trade Liberalization Act and the eventual passage of the Foreign Investment Act (FIA) and the Public Service Act (PSA), will eventually lead to small businesses benefitting from the increase in competition.
Moreover, Nelson also stressed the importance of enacting key economic reforms quickly. Referencing the Chamber’s hopes for the passage of the FIA and the PSA, Nelson said that joining the Regional Comprehensive Economic Partnership (RCEP) will be key for the Philippines to show investors and trading partners that the country is open for foreign investments through its membership in the largest trading bloc. He further added, “This is the time to support economic growth [and] opening up the economy with these liberalizations.”
In line with this, the Chamber is launching an event highlighting the new changes following the ratification of the amendments to the RTLA, now known as RA 11595. The Chamber has invited the National Economic and Development Authority to share their insights on what to expect of the implementing rules of RA 11595, with Trade Secretary Ramon Lopez giving his keynote speech in a recorded video message. The Chamber will also feature a retailer from the UK to share with the audience their success story and insights on retailing in the Philippines.
The Chamber is continuing its efforts to promote opportunities for investors in the Philippines while looking out for the government’s initiatives in easing foreign entry barriers. As such, the Chamber is anticipating the passage of the FIA and the PSA, both of which are now up for the President’s signature. Likewise, the Chamber also remains optimistic that a concurrence will soon be reached and the country’s membership to RCEP will be ratified once the Senate returns in May 2022.
