The Manila Times | by: Christine Gaylican | May 21, 2021
THE British Chamber of Commerce of the Philippines (BCCP) lauded the Philippine government’s efforts to further liberalize the economy by amending the retail trade and foreign investments act.
BCCP Executive Director and Trustee Chris Nelson said these economic measures could further bring in foreign direct investments (FDI) to the Philippines, which the country right now needs to revive the economy.
“These measures, which President Rodrigo Duterte certified as urgent could ease the flow of foreign investments in the country and are quite beneficial to workers and companies alike,” Nelson told The Manila Times.
He also noted the country’s talented and young population as a strong point in terms of FDI attractiveness.
The Philippines is home to around 110 million people, second to Indonesia in the Southeast region. It has a median age of 26 and was among the fastest-growing economies before the coronavirus disease 2019 pandemic hit and its economy contracted a record 9.6 percent last year.
Nelson reiterated the British Chamber has been a strong supporter of liberalizing the economy further. This means amending the Retail Trade Liberalization Act (RTLA), the Foreign Investments Act (FIA), and the Public Services Act (PSA), as it will increase the country’s investment appeal and better compete with its Association of Southeast Asian Nations counterparts.
The British Chamber hosted a digital event, “Economic Watch: Boosting Resilience and Recovery with the objective to promote trade and investments between the UK and the Philippines.
The importance of liberalizing the Philippine economy, increasing fiscal policies, and recommendations to boost the country’s resilience are among the topics discussed.
Finance Undersecretary Antonette Tionko delivered a keynote address explaining the reforms instituted by the government the Corporate Recovery and Tax Incentives for Enterprises Act and the Financial Institutions Strategic Transfer Act. She 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 PSA, FIA and RTLA.
The British Chamber of Commerce Philippines through its Overseas Partner Delivery Programme aims to promote trade and investment between the UK and the Philippines.
Read the original article here.
