The British Chamber of Commerce of the Philippines (BCCP) has urged the Marcos administration to continue its policies and push for reforms that will attract more foreign investors into the country.
BCCP executive director Chris Nelson told reporters Thursday that the level of interest among British companies in investing in the Philippines remains high, but firms are waiting for legislations and policies that will ensure an even more stable business environment in the country.
“The interest this year has been, I would say based on my 10-year experience, as high as it’s been in the past,” Nelson said.
He said the government should look into converting the high level of interest of foreign companies into foreign direct investments (FDI).
Nelson said the BCCP recognizes the reforms done by the Marcos administration this year, which will improve the domestic investment climate.
These policies include the extension of lowered tariffs for pork until 2028, as well as the passage of the Anti-Agricultural Economic Sabotage Act and the Anti-Financial Account Scamming Act.
The BCCP also lauded the support of efficient trade regulatory practices to boost bilateral trade between the Philippines and the United Kingdom, and sustain closer collaboration between the two countries, as well as the administration’s move to manage inflation.
To further attract British businesses into the country, the business group listed a wish list for the Marcos administration next year.
The list includes the passage of priority measures such as the Cybersecurity Act, the E-Governance Act, and the Konektadong Pinoy Act; addressing red tape issues; liberalizing the economy, accelerating digitalization efforts; promoting public-private partnership, infrastructure development, and sustainability; and assisting small and medium enterprises.
“The Philippines has opportunities, but it has to articulate those… You’re competing against other countries. You have great strengths, but you’ve got to keep on pushing those strengths forward,” Nelson said. (PNA)
