By THEPHILBIZNEWS STAFF
Having been advocating to advance economic reforms through various legislations that would entice foreign investors to do business in the Philippines, the British Chamber of Commerce lauds and supports the current administration’s progress in acting on various legislations that promote and secure trade.
Currently, the administration’s priority bills include the Anti-Agricultural Economic Sabotage Act, and the Anti-Financial Account Scamming Act (AFASA) which have already been passed to both the House of Representatives and Senate.
The chamber also hopes for the passage of the Cybersecurity Act, another priority legislation since its deliberations in November 2022.
On April 22, at the 2024 Annual General Meeting, British Embassy Manila Deputy Head of Mission Alistair White highlighted the advocacy efforts of the Chamber on pushing for legislation on lowered tariffs (Signing of Executive Order No. 50), agriculture (Advocating for the passage of Anti-Agricultural Economic Sabotage Act), and cybersecurity (Cybersecurity Act).
In a bid to eliminate barriers to open trade, the Chamber consistently supports the Anti-Agricultural Economic Sabotage Act. The legislation targets illegal activities such as smuggling, hoarding, profiteering, and cartel operations that disrupt agricultural supply chains, destabilize prices, threaten food security, and deprive the state of vital tax revenue.
On March 20, the British Chamber hosted its Trade and Connect series titled: “Securing the Digital Frontier: Breaking Through Digital Boundaries” in partnership with CyberQ.
BCCP Executive Director Chris Nelson emphasized its support for the passage of the Anti-Financial Account Scamming Act––reiterating further resilience in combating cybercrimes within the financial industry through the passage of the Anti-Financial Account Scamming Act (AFASA). This act allows securitization over Illegal acts including money muling, social engineering schemes, and economic sabotage to strengthen the fight against illicit financial account-related cybercrime.
The British Chamber also stresses the need to enhance the country’s digital posture and cybersecurity landscape, where Nelson highlights the growing nature of cybersecurity challenges, stressing the legislative measures’ importance and recognizing the need to underscore the significance of integrating cybersecurity measures in businesses to bolster resilience against threats through improved programs and policies.
“Cybersecurity is a very critical point. We, at the British Chamber, fully endorse how important that is, and we continue to support the government to pass as we mentioned the three acts, particularly the Anti-Mule Act, Online Site Blocking Act and Cybersecurity Act along with supporting the [on-going] educational initiatives,” Nelson concluded.
The British Chamber reiterates its strong support for these legislative measures and looks forward to their swift passage to enhance trade security and economic growth in the Philippines.
