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Digital infrastructure, trade to bring more investments into Philippines
MANILA, Philippines — The British Chamber of Commerce Philippines (BCCP) wants the next administration to make investments in digital infrastructure, as well as conduct trade missions to the United Kingdom as part of efforts to encourage more investments into the country.
The group also emphasized the importance of immediately approving amendments to the Retail Trade Liberalization (RTL) Act, Foreign Investments Act (FIA) and the Public Service Act (PSA) to make the country more competitive as an investment destination.
“Going forward, I hope we see in the next administration continuation of investment in infrastructure and in particular on digital,” BCCP executive director and trustee Chris Nelson said in a virtual briefing yesterday.
He said investments in digital infrastructure are necessary given the growing use of digital platforms.
The next administration will have to continue efforts to reduce red tape in government processes.
“In terms of further opening up the economy and getting further foreign investors in, I would just like to say, we would welcome as it happened in 2018, the economic management team of the Philippines went to the UK. That was extremely well-received…We look forward to some of those activities within the new administration,” he said.
He said the group is anticipating the approval of the amendments to RTL Act which is currently with the Office of the President, and the amendments to the FIA which is expected to be sent to the President soon.
Amendments to the RTL seek to make it easier for foreign investors to enter the retail sector by lowering the minimum required investment, while the amendments to the FIA seek to promote foreign investments.
He said the group also remains optimistic the same progress would be made with the proposed amendments to the Public Service Act (PSA) which is currently pending with the Senate.
Amendments to the PSA aim to define and limit public utilities to natural monopolies, and allow greater foreign investments in public services.
Nelson said passage of the three bills are crucial to attract more investments in the country.
Source: https://www.philstar.com/business/2021/12/16/2148210/digital-infrastructure-trade-bring-more-investments-philippines