British Chamber: Entry of FDIs to further increase with PH membership to RCEP
(As released) The British Chamber of Commerce Philippines is urging the Senate to ratify the Philippines’ membership on the Regional Comprehensive Economic Partnership (RCEP) before it adjourns its session next month.
The Chamber’s Executive Director & Trustee Chris Nelson agrees that delay in ratification, the Philippines will lag behind its ASEAN counterparts in attracting more foreign investments.
More importantly, the Chamber recognises the government initiatives for adopting more relaxed safety protocols in tandem with a strengthened vaccination rollout in support to open up the economy and moving forward to its path toward post-pandemic recovery. Along with that, the Chamber also welcomes the significant progress done amending the Retail Trade Liberalisation Act.
However, more progress has yet to be made for the ratification of RCEP. A chief economist has agreed that FDIs would further increase should the Philippines become a part of this trade bloc and would therefore bolster the country’s economic recovery.
As such, the Chamber urges the Senate to ratify the RCEP before it takes a recess on 5 February 2022, to make way for electoral campaigns. The Chamber would also like to stress the timeliness of this trade deal which is vital to maintain the recovery momentum sustained by the Philippines in the previous year.
Likewise, the Chamber also urges the Congress to fasttrack the ratification of the remaining key economic bills Public Service Act and Foreign Investment Act, both vital for the country’s post?pandemic economic rebound. — As released
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