MANILA, Philippines — British Chamber of Commerce Executive Director and Trustee Chris Nelson shared the Chamber’s optimistic views on the new developments regarding the passage of key economic bills and the Philippines’ efforts to push for economic recovery in an interview on ANC’s Market Edge with Raine Musngi.
During the interview, Nelson noted the country’s performance in attracting FDI since the Retail Trade Liberalization Act was passed in 2000 to amend the Retail Trade Act of 1954.
“I think it netted very little investment for the Philippines,” Nelson said. The RTLA was enacted in 2000 to allow foreign investors to take part in retail business in the Philippines with a minimum capitalisation of $2.5 million. Considered as one of the highest among the ASEAN members, this did little to attract foreign retailers.
As the RTLA is now up for the President Rodrigo Duterte's signature after the Bicameral Conference Committee report was ratified last September, Nelson also expounded on the Chamber’s next move once the RTLA is successfully amended.
He said, “We can promote this extensively in the UK through our partners.” Nelson enumerates the various UK Chambers, the Department for International Trade, the Philippine Embassy in London as well as the Philippine Department of Trade and Investment in the UK to promote the newly reduced minimum paid-up capital to $500, 000.
On the other hand, Nelson also touched on the recent development with the Philippines now removed from the UK’s red list. “It was estimated that there are over 200, 000 Filipinos in the UK so that will obviously improve travel [situations] and other related opportunities.”
As for the UK still being on the Philippines’ yellow list, Nelson said that it would further boost the country’s hotel and travel industry if the list were to be reviewed. “I’m sure they are looking again at those countries that can be moved from the yellow list into the green list.”
Along with the encouraging vaccination figures in the Philippines and the IATF’s decision to lower the Alert Level in NCR, the Chamber is pleased to see that these developments are now being put into action.
The Chamber hopes that the vaccination drive remains active and robust to further support the Philippine economy’s gradual reopening and that more progress on the economic bills are made. The Chamber looks forward to promoting the benefits that will follow this progress and sees more opportunities to grab as these developments move forward.