The Manila Times | May 13, 2021
THE British Chamber of Commerce of the Philippines (BCCP) hosted an event addressing the current supply of pork and the potential shortage on supply of poultry in the country. The webinar featured Dr. William Dar, secretary of the Department of Agriculture (DA); Reildrin Morales, Bureau of Animal Industry director; and Jet Ambalada, Philippine Association of Meat Processors Inc. (Pampi) director.
According to the PSA Swine Situation Report as of February 8, the country’s swine inventory decreased sharply by 3 million heads or 24.1 percent from 2020 to 2021. DA and National Economic and Development Authority (NEDA) estimate the supply deficit for this year lies between 290,000 to 477, 000 metric tons. This large supply deficit has resulted in a rapid spike in the retail prices of pork and largely contributed to the country’s overall inflation rate.
To address the supply and prices concerns, the country has to import to immediately regulate the prices. Chris Nelson, BCCP executive director and trustee, highlighted during the webinar, that meat producers in the UK are interested to supply pork to the Philippines. In line with its efforts to promote trade and investment between the UK and the Philippines, British Chamber aims to assist and support the government’s efforts to provide adequate and affordable food during the pandemic.
In line with this, British Chamber also pushes for amending Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), and the Public Services Act (PSA), to attract foreign direct investments.
Philippine President Rodrigo Duterte certified as urgent the three economic bills aimed to ease foreign investment restrictions in the country. Lawmakers have also expressed that these bills will make the Philippines more accessible to foreign investments.
Nelson emphasized during a recent webinar that British Chamber has been a strong supporter of liberalizing the economy further and it will increase the country’s investment appeal and better compete with its Asean counterparts. He also noted the country’s talented and young population as a strong point in terms of FDI attractiveness.
The Chamber hosted a digital event entitled Economic Watch: Boosting Resilience and Recovery with the objective to promote trade and investments between the UK and the Philippines. The guest speakers featured were Department of Finance Undersecretary Antonette Tionko, Noelan Arbis, HSBC Asean Economist, Quisumbing Torres partners Attorneys Ina Dominguez and Alexander Ner, Chairman Atty. Alexander Cabrera of PwC Philippines.
The importance of liberalizing the Philippine economy, increasing fiscal policies, and recommendations to boost the country’s resilience are among the topics discussed. DoF Undersecretary Antonette Tionko delivered a keynote address with regards to the reforms instituted by the government the Create Act and the FIST Act. Usec. Tionko also shared that the government will continue to push and implement more reforms to restore the economy’s vigor which includes the amendments on the Public Service Act, Foreign Investments Act and Retail Trade Liberalization Act.
