(Philstar.com) – July 29, 2021 – 11:55pm
MANILA, Philippines — Economic reform bills that will lead to amendments to the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Act are three of the priority measures President Rodrigo Duterte pushed for in his final State of the Nation Address.
The three measures aim to usher in more foreign investments by loosening restrictions, encouraging business activity and boosting job creation.
Chris Nelson, executive director and trustee of the British Chamber of Commerce, said it is the “right time to pass these measures” as the economy tries to recover from the deep impact of the pandemic.
“What we’re trying to do constantly is highlight opportunities to UK companies focusing on key sectors—retail, food and drink advanced manufacturing machinery,” Nelson said in an interview with ANC on Tuesday.
“And therefore having these measures will further encourage companies to come,” he added. “We want companies to come to the Philippines and then use it as a gateway to Southeast Asia.”
Nelson admits that while there are remaining challenges to economic recovery, it lauds “significant efforts” in COVID-19 vaccination in the private sector.
Among the three proposed measures, amendments to the Retail Trade and Liberalization Act have seen the most progress, having already been approved by both chambers of Congress. It is pending before a joint conference committee which will sort differences between the two versions.
Proposed changes to the Foreign Investment Act and the Public Service Act, meanwhile, have been passed by the House and are pending second reading in the Senate.
