Attracting FDIs discussed at the British Chamber event

(As released) The British Chamber of Commerce Philippines in partnership with Philippine-British Business Council hosted a digital forum entitled “Welcoming a Strengthened UK-PH Relations” on Sept. 16, 2021 with key speakers Ambassador-Designate Laure Beaufils, William Bailey Chairman of British Chamber, HSBC ASEAN Economist Joseph Incalcaterra and HSBC President and CEO Graham FitzGerald.

The swift passage of the reforms on the Retail Trade Liberalization Act, Public Service Act and Foreign Investment Act was given spotlight.

During the forum, the new UK Ambassador Laure Beaufils supported the call of business groups to open up the economy and emphasized the importance of these bills to ease foreign investment restrictions.

With the goal to deepen trade between the UK and the Philippines, she believes passage of the economic reforms will encourage more foreign investments in the country. In particular, amending the RTLA, the British Chamber is confident that it could bring renewed interests from investors to look at the country’s more-becoming competitive sector.

In the same way, Chris Nelson BCCP Executive Director and Trustee expressed confidence that the government will soon pass these reforms. In his previous interview, Nelson cited economic managers are also calling for the urgency of these reforms to be enacted.

It is necessary to continue reducing trade barriers and ease investment restrictions for a greater trade between the UK and the Philippines. Amending the RTLA, FIA and PSA supports this objective—boosting economic recovery.