British Chamber confident in passage of RTLA, FIA amendments

(As released) The British Chamber of Commerce Philippines on Thursday cited the Philippines' long-term economic recovery as a reason for Congress to pass Duterte’s administration's urgent priority bills.

As Congress neared to adjourn sessions for holiday break, the chamber asked to respond how confident it is on the fate of priority bills.

“RTLA bill passed through bicameral meeting [already]. It's been signed as an integral bill and it’s with the office of the president since 10th November, therefore we are anticipe it will be signed and [enacted] into law very shortly. We believe there is discussion [on-going] for the Foreign Investment Act in the bicameral committee and with that we have confidence there as well” Chris Nelson, the Executive Director and Trustee of the British Chamber, told One News.

As amendments on the Public Service Act remains in the Senate, Nelson notes the bill is behind schedule, however, the Chamber remains hopeful it will move forward.

He stressed the Chamber sees high interest from UK companies that are considering investing in the Philippines and looking forward to signals of easing foreign ownership restrictions. Nelson said “We have been a great advocate and are an advocate to UK companies to see the Philippines not only as a greatmarket, but as an entry to Southeast Asia. As interests of UK investors remain high it’ll be further supported with those economic measures.”

Committed to its advocacy, the British Chamber is hosting a digital forum titled Breaking Economic Barriers with a theme: The Philippines Road to Further Liberalising Its Economy, next week with policymakers invited including Representative and Chairperson of the House Committee on Economic Affairs Sharon Garin confirmed joining to explore status and impacts of passing the bills amending RTLA, FIA and PSA.

Distinguished speakers joining the forum include the newly appointed UK Ambassador to the Philippines, Laure Beaufils, KPMG Vice Chairman and COO, Emmanuel Bonoan and Attorney Anthony Abad CEO of TradeAdvisors. The panel discussion will be moderated by Chris Nelson.

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