In photo Chris Nelson, BCCP Executive Director and Trustee
By Victoria “NIKE” De Dios
With the Regional Comprehensive Economic Partnership now in the Senate for ratification, the British Chamber of Commerce Philippines is urging the upper chamber of the legislature to ratify Philippine membership to Regional Comprehensive Economic Partnership (RCEP) before Congress adjourns for the upcoming election.
As the country continues to emerge from the impacts of the pandemic, Chris Nelson, BCCP Executive Director and Trustee is optimistic with Philippines’ post-pandemic recovery. Nelson appreciates the significant measures done by the government to bolster economic growth by easing COVID restrictions, accelerating the vaccine rollout and more importantly, certifying as urgent the enactment of economic reforms such as the amendments on Retail Trade Liberalisation Act (RTLA), Foreign Investment Act (FIA) and Public Service Act (PSA).
However, Nelson is looking forward to seeing further measures done to open up the economy highlighting the swift passage of amendments to PSA, FIA and the Philippine membership to RCEP.
To further seek foreign investments a more relaxed and competitive business environment must be in place.
Nelson also agrees with DTI Secretary Ramon Lopez in his previous statement that any delay in ratification of RCEP could impede the creation of mass employment opportunities crucial to bounce back from the pandemic.
Given the high level of competition to attract foreign investments among ASEAN countries, the British Chamber strongly urges that Congress need to act quickly by approving the priority bills and further easing the covid restriction to renew interest and growth in FDIs.
With the additional economic measures in place, the British Chamber is eager to continue to further promote the Philippines competitive investment climate, business opportunities and positive long-term fundamentals.
Recently, the Bangko Sentral ng Pilipinas reported Philippines’ FDI net inflows rose by 98.9 percent growth year-on-year in October 2021 to US$855 million from the US$430 million net inflows in the same month in 2020.