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Biz Memos

British Chamber renews call for ratification of Philippine membership to RCEP, highlights digital economy

Philstar.com
British Chamber renews call for ratification of Philippine membership to RCEP, highlights digital economy

(As released) British Chamber of Commerce Philippines Executive Director and Trustee, Chris Nelson shared that the next administration should prioritize investment in infrastructure, specifically on the digital economy and information technology to support Philippine economic growth.  

During the interview, Nelson also noted the potential opportunities that await for foreign investors, especially with the successful ratification of all three economic reform bills: the Public Service Act, Foreign Investment Act, and Retail Trade LIberalization Act. In relation to this, the Chamber is confident that the reforms will significantly boost the already existing high interest of UK investors to the Philippines. 

Likewise, the Chamber anticipates the publication of the Implementing Rules and Regulations (IRR) before the end of outgoing President Rodrigo Duterte’s term as it would concretize the FIA and PSA stating, “Once we have the IRR released, UK interest level would go up even more and [when we promote] we will have concrete package to present in the UK.” 

When asked about the pending ratification of Philippine membership to Regional Comprehensive Economic Partnership (RCEP), Nelson said “it’s one of the advocacies we’ve always pushed for [besides the economic bills] to UK companies and investors.” Furthermore, he emphasized on the significance of putting the Philippine’s digital economy and infrastructure as top priority, which will position the Philippines as an ideal investment destination. 

With the new administration coming in after the election, the Chamber wishes for continuing liberalization of the economy, particular emphasis on prioritising digital investments and infrastructure. 
 

ECONOMY

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