British Chamber of Commerce of the Philippines (BCCP) executive director Chris Nelson (Photo courtesy of BCCP)
MANILA – British Chamber of Commerce in the Philippines (BCCP) executive director Chris Nelson on Wednesday praised the Marcos administration for being able to sustain the economic reforms of the previous leadership.
In an interview with ABS-CBN News Channel, Nelson said businesses from the United Kingdom remain optimistic about the growth prospects in the Philippines with the continuation of these economic reforms to make the country a viable investment destination for foreign investors.
He lauded the National Economic and Development Authority (NEDA) for issuing the Implementing Rules and Regulations (IRR) of the Public Service Act (PSA) that now allows full foreign ownership for sectors defined as public services, such as airports, railways, expressways, and telecommunications.
The BCCP executive noted that the amendments to the PSA, the Foreign Investments Act (FIA), and the Retail Trade Liberalization Act (RTLA), which were passed during the Duterte administration, signaled to the international community that the Philippines is open for business.
“I like to congratulate previous administration for passing these bills, but also to President (Ferdinand R.) Marcos (Jr.) for keeping this momentum and reinforcing his pledge in the SONA (State of the Nation Address), which is to make the Philippines an investment destination,” Nelson said.
He added that the government should continue these economic reforms as other countries in the region are aggressive in launching policies and measures to attract foreign direct investments.
“But let’s not forget, other countries are acting also, so we, here in the Philippines has to keep that going that momentum,” he said.
Nelson said even with the enactment of the PSA, FIA, and RTLA into law, the Foreign Investment Negative List remains an economic barrier for the country.
The country has a list of economic activities where foreign ownership is limited due to concerns on security and defense as well as protecting local small and medium enterprises.
Amid economic barriers in the country, Nelson said the government has to study carefully its thrust for a constitutional convention to amend economic provisions in the Constitution. (PNA)
