FILE PHOTO: British Chamber of Commerce Philippines’ Executive Director and Trustee Chris Nelson
By Alithea De Jesus
After revealing President Ferdinand “Bongbong” Marcos Jr.’s top agenda during his first State Of the Nation Address, Chris Nelson, Executive Director and Trustee of the British Chamber of Commerce Philippines has expressed optimism about economic programs and priority of the Marcos administration.
The guarantee to continue the economic reforms that would entice investors such as the newly amended Public Service Act (PSA) and the Foreign Investments Act (FIA), Nelson believes these thrusts will bring in more direct foreign investments to the country especially if all other economic reform bills will be enacted into law soon.
The British Chamber was one of the foremost business organizations pushing for amending those laws including the Retail Trade Liberalisation Act (RTLA). For its part, it has been promoting and highlighting the Philippines as an ideal investment destination and a gateway to Southeast Asia. Previously in May, it successfully hosted a three-day Trade Mission bringing eight (8) UK meat exporters to the Philippines. It will continue doing so in September focusing on the food and beverage sector and another British meat promotion later towards the end of the year.
The Philippines remains an attractive investment destination for British businesses. However, by having a more investment-friendly environment the Chamber strongly believes it will create additional interests, while at the same time enhancing market competitiveness to attract further investments which can lead to generating employment opportunities and helping the economy to recover overall.
Keeping in mind the president’s guarantee to make the Philippines an ideal investment destination during his first State of the Nation Address (SONA), assures foreign investors that the Philippines is on its path toward further economic liberalisation. He also mentioned that the Chamber hoped to have heard the ratification of the Regional Comprehensive Economic Partnership (RCEP) during the SONA. “I think it would be a compliment to his overall economic plans and we’d like to see is further liberalization over the economy” Nelson adds.
The RCEP trade agreement is known as the world’s largest trade deal, accounting for about 30% of global gross domestic product (GDP). It involves Australia, China, Japan, South Korea, New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN).