ANC’s Market Edge Raine Musngi (left) interviews British Chamber of Commerce Executive Director and Trustee Chris Nelson about the passage of the Retail Trade Liberalization Act. CONTRIBUTED PHOTO
BRITISH Chamber of Commerce Executive Director and Trustee Chris Nelson shares the chamber’s optimistic views on the new developments, regarding the passage of key economic bills and the Philippines’ efforts to push for economic recovery, in an interview on ANC’s Market Edge with Raine Musngi.
During the interview, Nelson noted the country’s performance in attracting foreign direct investment since the Retail Trade Liberalization Act (RTLA) was passed in 2000 to amend the Retail Trade Act of 1954. “I think it netted very little investment for the Philippines,” Nelson says.
The RTLA was enacted in 2000 to allow foreign investors to take part in retail business in the Philippines with a minimum capitalization of $2.5 million. Considered as one of the highest among the Asean members, this did little to attract foreign retailers.
As the RTLA is now up for the President’s signature after the Bicameral Conference Committee report was ratified last September, Nelson also expounds on the Chamber’s next move once the RTLA is successfully amended. He said, “We can promote this extensively in the UK through our partners.”