British Chamber recommends ratification of RCEP

(As released) During his recent interview with One News, Chris Nelson, British Chamber Executive Director and Trustee renews the call for the urgent ratification of Philippine membership to the Regional Comprehensive Economic Partnership or RCEP, as the 19th Congress is set to begin its first session on the 25th of July.

Nelson also cited the UK is very pleased with the passage of crucial economic reforms under the Duterte administration which are aimed further to ease the country’s restrictiveness to foreign investments. “British investors are very much encouraged by the passage of amendments to the Public Service Act, the Retail Trade Liberalization Act and the Foreign Investment Act,” Nelson said.

“We consider that to be a very important development, as we see the Philippines, not only as an important market for investors in doing business but also as a gateway to Southeast Asia. So we're looking to see the continuing of this policy to further liberalise the economy,” he adds.

The country’s economic managers, newly appointed DTI Secretary Alfred Pascual and NEDA Socioeconomic Planning Secretary Arsenio Balisacan also underscored the importance of immediate ratification of RCEP citing benefits to the country such as diversifying exports in terms of products and services, country destinations and the Philippines’ potential to attract additional foreign direct investments.

It is the Chamber’s long-time advocacy to continuously identify and promote the Philippines as an ideal trade and investment destination for foreign investors, particularly UK companies. Therefore, by further liberalising the economy and having the right business environment in place, more and more investments will come in that will facilitate job creation and boost economic growth and recovery.  — As released

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