British Chamber, envoy to UK discuss economic developments
(As released) The British Chamber has long expressed its support for three priority measures—the Retail Trade Liberalisation Act (RTLA), the Foreign Investment Act (FIA), and the Public Service Act (PSA).
In celebration of the newly amended Public Service Act signed on March 21, 2022, British Chamber Executive Director and Trustee Chris Nelson met with Antonio Lagdameo, Philippine ambassador to the United Kingdom of Great Britain and Northern Ireland, with concurrent jurisdiction on Ireland, in London where they discussed what the passage of the public Service Act will bring to the Philippine economy.
In their discussion, Nelson also explored the opportunities brought about by the RTLA and FIA, as these measures have eased the processes for foreign businesses to invest in the Philippines and reduced barriers to trade, which will be vital in the government’s effort to recover from the pandemic.
Consequently, Nelson discussed with Ambassador Lagdameo the continued interest UK companies have shown toward the Philippines and given the passage of the three measures, the increased liberalization of the country's economy serves to attract more investments to the country and create an environment conducive for foreign, and particularly, UK businesses.
The British Chamber has assisted over 280 companies in the fiscal year 2021-2022 under the Overseas Delivery Programme, in partnership with the British Embassy Manila and the Department of International Trade.
Along with these significant developments, the Philippines’ pending ratification of its membership in the Regional Comprehensive Economic Partnership (RCEP) serves as an opportunity for the expansion of the country's growing economy.
Membership in the RCEP would open the Philippines as a large trading unit, and increase the country’s participation in regional trade.
Overall, the British Chamber commends the current administration and the 18th Congress for their dedication to prioritizing the recovery and growth of the Philippine economy through the passage of the three reforms, and with the upcoming national elections, the chamber remains optimistic for the country's continued economic expansion and hopes the upcoming administration will continue to support and advocate for policies that will further strengthen the country's economy and enhance its potential for foreign investments and regional trade. — As released
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