CHRIS Nelson, executive director and trustee of the British Chamber of Commerce Philippines (BCCP) welcomes President Ferdinand “Bongbong” Marcos Jr.’s first State of the Nation Address, focusing on the economy.
For the BCCP, the reassurance to capitalize on the Duterte administration’s game-changing economic reforms, such as the newly amended Public Service Act and the Foreign Investments Act, will not only send a clear signal to foreign investors, but guarantee policy continuity, moving toward further economic liberalization.
“The fact that he actually described that he wants the Philippines to be an investment destination, that’s very key to what we’ve been trying to achieve,” says Nelson.
BCCP has been one of the foremost business organizations pushing for amending those laws, including the Retail Trade Liberalization Act. For its part, it has been promoting and highlighting the Philippines as an ideal investment destination and a gateway to Southeast Asia.
The Philippines remains an attractive investment destination for British businesses. However, solidifying investors’ interests will require the government to pursue a more investment-friendly environment and ease foreign restrictions on critical sectors.
With the relaxed restrictions, the Philippines can expect additional entry of foreign investments while assuring investors that they can look forward to a progressive business environment.
Previously in May, BCCP successfully hosted a trade mission, bringing eight UK companies to the Philippines, which received significant interest. It will continue doing so in September, focusing on the food-and-beverage sector and another British meat promotion later toward the end of the year.