British Chamber: Liberalizing Philippine economy a signal for more FDIs
(As released) In an interview with Rico Hizon on CNN Philippines’ The Final Word, British Chamber of Commerce Executive Director and Trustee Chris Nelson shared the current progress on key economic bills and what more can be done to further improve the country’s attractiveness to investors.
In the interview, Nelson touched on the importance of sending encouraging signals to investors, specifically through the passage of key economic bills to help liberalize the economy.
“We’re very confident with regards to the Retail Trade [Liberalisation] Act. That will be a great signal and a great opportunity for us to herald that which we will do in the UK,” Nelson said. He also pointed out that the Retail Trade Liberalization Act (RTLA), along with the Foreign Investment Act and the Public Services Act, is certified as an urgent bill.
He said British-backed businesses wish to see these economic measures passed during the current administration.
He relayed recommendations for the incoming administration. “We’d like to see a continued focus on measures which will further liberalize the economy, further transparency in setting up and doing ease of business,” Nelson said.
The Philippines’ response to the COVID-19 pandemic has been reporting encouraging figures, he said, which would entail lowering the alert level in Metro Manila again. Together with the proper management of the pandemic, the passage of key economic bills will attract more investors to the country.
In light of these positive developments, the chamber wishes to see more encouraging figures on the Philippines’ vaccination drive to make way for more safe economic activity as well as the passage of the economic bills, especially the RTLA. The chamber also hopes to see that with the Philippines on its way back to recovery, the economy will be further opened for more investors to come. — As released
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