British Chamber calls for lower capital requirement in retail trade liberalization law
(As released) Sen. Aquilino “Koko” Pimentel and international trade lawyer Anthony Abad were guests at the joint advocacy webinar hosted by the European Chamber of Commerce Philippines (ECCP) and Chris Nelson, executive director and trustee of the British Chamber of Commerce.
Nelson, moderator of the panel discussion, Pimentel, chair of the Senate committee on trade commerce and entrepreneurship, and Abad discussed proposed amendments to the Retail Trade Liberalization Act were discussed during the online briefing.
During the briefing, Abad made reference to the Philippines’ neighboring countries and how they embraced trade liberalization by enacting domestic reforms and lowering the cost of doing business which resulted in positive economic growth.
Abad said the Philippines should follow the same to increase its competitiveness and attractiveness to lure foreign direct investments.
Nelson, meanwhile, stressed the importance of expediting to reconcile the final version amending the trade liberalization law. He said he hopes for the final version to have a lowered minimum paid-up capital in order to attract investors.
The BCCP is in partnership with the Department for International Trade in Manila to help attract British companies to do business in the Philippines. The chamber looks forward as well to the speedy enactment of amending the Public Service Act and Foreign Investments Act to ease the foreign ownership restrictions in the country and spur economic growth and recovery.
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