The British Chamber of Commerce Philippines (BCCP) has expressed its support for the key measures highlighting the economy, agriculture, ease of doing business, and further boosting investments in the country, to which it has consistently endorsed at the beginning of the year.
BCCP Executive Director/Trustee Chris Nelson remains positive on the recent developments on its priority bills, within the 19th Congress or by June 2025 as outlined by the Legislative-Executive Development Advisory Council (LEDAC) under the Common Legislative Agenda (CLA). In a recent interview, Nelson highlighted the following measures: Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, Anti-Agricultural Economic Sabotage Act, Cybersecurity Act, and E-Governance Act.
The passage of the CREATE MORE Act at the bicameral conference committee which seeks to lower taxes on domestic and foreign companies to 20%, improve the Philippines’ tax incentives and offer flexible working arrangements is seen as a significant step to further drive economic growth. Nelson stated in a recent interview that, “The CREATE More bill is a distinct improvement. It’s a priority legislation from the government. We’re pleased to see it has now passed the bicameral committee. I do think it has clarified the number of incentives within the zones and this will be a benefit to existing companies and those who could potentially invest.”
The Anti-Agricultural Economic Sabotage Act mandates stringent measures against smugglers, profiteers and cartels to safeguard local farmers and consumers. Nelson stressed on its advocacy towards ensuring food security and managing inflationary measures, noting that, “This will certainly protect both the local producers and legitimate importers. We understand that it is now also close to signature and that would be a great benefit not just to the hog industry but the agriculture industry as a whole.” The measure has been endorsed to the Malacañang and now awaits signing by President Bongbong Marcos.
The Cybersecurity Act also remains a key priority which has been backed by President Marcos and the Private Sector Advisory Council (PSAC) last year to strengthen the cybersecurity infrastructure of the Philippines and institutionalize the National Cybersecurity Inter-Agency Committee. Nelson also noted the recent announcement of the Department Of Information And Communications Technology (DICT) with the Philippines ranking 53rd on the 2024 United Nations Global Cybersecurity Index (GCI) which is a significant development in the sector, citing the recently passed Anti-Financial Account Scamming Law which aims to protect the financial industry against cybercrimes.
Nelson also expressed support for the passage of the E-Governance Act, which is now pending on the second reading at the Senate. It aims to promote a digitally empowered and competitive economy. “We have been a key advocate for this, we’re an ARTA Champion and E-Governance will certainly assist that. If you look at the measures which President Marcos administration is putting through, we are confident that it will get passed,” he further added.