THE British Chamber of Commerce Philippines (BCCP) remained optimistic on further liberalizing the Philippine economy after President Ferdinand Marcos Jr.’s third State of the Nation Address (SONA) on July 22, 2024, where he cited developments on economic status and foreign investment relations.

President Marcos emphasized the administration’s efforts on the ease of doing business, with a key focus on the digitalization of payments, transactions and processes to streamline the delivery of government services, cater to the general public, and attract foreign investors.

A recent report from the Board of Investments (BoI) recorded P950 billion in BoI-approved investments; 30 percent are foreign investments, amounting to P286 billion, the highest recorded approvals during the first semester in 57-year history.

Marcos also cited: “To sustain the country’s economic gains, we are promoting investment-led growth.”

In an interview prior to the SONA, BCCP Executive Director/Trustee Chris Nelson emphasized that key efforts on promoting foreign investments could be supported by key legislation to further open up the economy.

He also noted that the economic landscape has significantly improved since President Marcos assumed office in 2022.

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