The British Chamber of Commerce of the Philippines (BCCP) has listed its requests to the Marcos administration for 2024 that aim to attract more foreign investments, especially those coming from the United Kingdom (UK).

On top of its wish list, BCCP executive director Chris Nelson said the business group asked President Ferdinand R. Marcos Jr. to further extend Executive Order 10, which reduces tariff rates on corn, pork and rice imports, at least for another year.

EO 10 has helped UK meat exporters to increase their shipment to the Philippines, as the country is the UK’s second largest export market for pork next to China.

The policy is set to expire on Dec. 31, 2023.

Nelson said although the Philippine government has amended the Retail Trade Liberalization Act, Foreign Investments Act and the Public Service Act, the country could further open up its economy and remove foreign investment restrictions to lure more foreign investors into the country.

“Of course, the Philippines is not operating in isolation. You are competing with other countries in Southeast Asia and across the globe,” he said.

While easing restrictions in foreign investments, the government should also ensure the ease of doing business by cutting the red tape.

Part of BCCP’s wish list next year is accelerating digitalization to improve the ease of doing business in the country.

Also included in the BCCP’s wish list are strengthening the agriculture sector through the passage of the Anti-Agricultural Smuggling Act; collaborating with various stakeholders in liberating trade to boost British presence in the Philippines; and boosting economic growth through a competitive a competitive and sustainable market.

It also listed the support for efficient trade regulatory practices that encourage the UK-Philippines trade; assisting British small and medium enterprises and advocating for a green economy, public-private partnership and infrastructure development; and continuing to promote the Philippines as a business and investment hub. (PNA)