In photo: Chris Nelson, Executive Director and Trustee of British Chamber of Commerce Philippines (Photo collage from THEPHILBIZNEWS/MAS)
By Victoria “NIKE” De Dios
After working hard to push the much needed economic reforms in the country for the past years such as the Retail Trade Liberalisation Act (RTLA), Foreign Investment Act (FIA) and Public Service Act (PSA), Chris Nelson, Executive Director and Trustee of the British Chamber of Commerce Philippines urges the Senate to ratify Philippine membership to Regional Comprehensive Economic Partnership (RCEP) complementing the government’s push to attract foreign investments.
In his latest interview, Nelson underscored that the Philippines need to join the largest trading bloc now which covers 30 percent of the world’s population and global economy.
“I think this is the time to join, the key here is to give tremendous access to Philippines industries,” Nelson said. At the same time, he also recognized that some members of the local agriculture sector expressed their concerns about the adverse effect of RCEP in the agribusiness sector, but Nelson stressed that DTI had already fully responded to the growing concerns.
When asked about the possibility of Philippine businesses losing out, Nelson is optimistic the Philippines can compete. He stressed that “[Philippines] can compete very well and the benefits of a wider economy market will be much more beneficial”. Furthermore, membership to RCEP could renew growth in foreign investments which the Chamber has been strongly advocating for supporting the Philippines’ recovery.
Currently, the Philippine government is strengthening its local industries by pursuing structural policies attracting foreign participation in key sectors.
With the recent passage of tax reforms and amendments to the retail trade law under the Duterte administration, the country is certainly making significant advances towards opening up its economy. However, before the Congress adjourns its session next month, the British Chamber expects urgent approval on the remaining priority bills amending the Foreign Investment Act and Public Service Act ensuring long term economic growth prospects.