By Victoria “NIKE’ De Dios
Having been working hard to bring in more investors from the United Kingdom and providing suggestions to various Philippine government agencies even before the pandemic, British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson shared his views on how the Philippines can entice more foreign investors and jumpstart the economy towards the post-pandemic scenario.
In his TV interview. Nelson underscored the importance of increasing vaccination rates and the need to pass priority economic bills in order to boost the Philippine economy towards pre-pandemic rates and at the same time to gear up for the post-pandemic scenario in the country.
He also noted that a combination of efforts in increasing vaccination rates as well as vaccination supplies will help in coping up with the effects of the currently implemented ECQ in the business cities of the Philippines. Safety must be a priority alongside being able to open businesses and this is also part of Secretary Lopez’s intentions to be able to shift to a MECQ after the ECQ ends on August 20 and hopes for a safer working environment will be probable when more people get vaccinated.
While the Philippines remains to be an attractive market for foreign investors with its vibrant workforce and crucial position in Southeast Asia, the British Chamber emphasizes the need to pass key economic legislation to further open up the Philippine economy to foreign investors, such as the Retail Trade Liberalization Act, the Public Services Act, and the Foreign Investments Act.
Amendments to the FIA will promote technology transfer and adaptation of advanced technology into business. The amendments will also see to it that foreign investors are efficiently coordinated for their ease of doing business in the country.
Both the RTLA and PSA lower challenges from capital requirements for foreign investors. The RTLA opens the economy to potential foreign enterprises willing to invest in the Philippines and compete with the local retail market. On the other hand, the PSA opens the telecommunications industry, among others, to foreign investors, finally providing a healthy competition for the local service market. Healthy competition in these sectors will provide a wider variety of choices, which will result in improved quality of services for Filipino consumers.
Along with combined efforts in vaccinating the Philippine populace, the passing of these key economic legislation will send a clear signal to foreign investors, who are looking at the country’s long-term prospects, that their business will thrive in the country. The British Chamber emphasizes the importance of passing these economic bills hopefully by October 2021, as it is a great opportunity to pass these bills while the Philippine economy attempts to bounce back towards pre-pandemic economic growth.
The British Chamber also looks forward to promoting and highlighting economic opportunities in the Philippines with the upcoming European-Philippine Business Summit in the last weeks of September 2021.