Tuesday, May 30, 2023

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British Chamber welcomes incoming administration, hopes for economic policy continuity

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By Alithea De Jesus

The British Chamber of Commerce Philippines welcomes the result of the national election and congratulates Mr. Ferdinand “Bongbong” Marcos Jr. for winning the Presidential election. 

Nelson would also like to commend the high turnout of Filipino voters from the recently concluded national elections, showing the vibrancy and proving the strong practice of democracy in the country. 

Looking forward, the British Chamber expects policy continuity under the new administration, particularly on further liberalising the economy, the ratification of the Regional Comprehensive Economic Partnership (RCEP) and the implementation of the build, build, build programme.

With the recent significant success of amending the Retail Trade Liberalisation Act, Foreign Investment Act and Public Service Act, these measures provide investors certainty that the Philippines is heading positively and creating a more competitive business environment. 

The British Chamber has worked hard pushing for the passage of the aforementioned reforms and is an active advocate promoting these changes to UK companies. 

Finally, the Philippine economy grew faster than expected, recording an 8.3 per cent growth year-on-year in the first three months of 2022, the PSA reports. In this regard, the Chamber hopes this will be sustained and even exceeded by the new leadership. 

The British Chamber is confident that these reforms will increase foreign investment inflows, which would lead to the creation of additional job opportunities, crucial in supporting the Philippines’ post-pandemic recovery. 

Looking ahead, the Chamber also anticipates working with the new administration as it closely worked with the Duterte administration. 

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