British Chamber of Commerce Philippines Executive Director/Trustee Chris Nelson shared that the current changes and reforms in the Philippine economic laws help in having a competitive advantage. With this, the British Chamber welcomes the efforts of President Marcos Jr.’s administration to further open up the Philippine economy.
Aside from the recent success of the Great British Festival, more British companies are interested in doing business in the Philippines because of the dynamic workforce and recent laws on having full foreign ownership of sectors such as renewable energy.
“I think [one of the reasons is] also the fact the Philippines has joined RCEP which will be fully effective by I think second of June — and that gives one of the things we have always pushed. The Philippines is a very attractive market in its own right,” Nelson explained in an interview on the 13th of April.
Nelson also mentioned that the upcoming coronation of King Charles III in May will highlight the 77 years of strong relations between the two countries, as President Marcos Jr. and his wife will be attending the event.
Other key topics discussed include the significance of the Philippines joining the Regional Comprehensive Economic Partnership (RCEP), the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the upcoming launching of the Developing Countries Trading Scheme (DCTS).
With the further liberalization of economic laws and other reforms changes, the Philippines is also becoming competitive with other countries within Southeast Asia. Through the British Chamber’s efforts, the UK and the Philippines will continue having more trade and investment opportunities along with ease of doing business initiatives.
