Some 160 business leads have been received by the Philippines for potential investments from companies in the United Kingdom.
Chris Nelson, chairman of the British Chamber of Commerce of the Philippines (BCCP), in a press briefing potential for further investments will be harnessed once three economic reform bills are passed.
Nelson said inquiries received by BCCP are in food and beverage, agriculture technology, advanced machinery and business outsourcing.
Nelson said there has been a lot of interest in food and beverage in the Philippines which will be more attractive if the Retail Trade Liberalization Act is passed.
Nelson added opportunities for small and medium enterprises will be opened up once restrictions are lifted in the proposed amendments to the Foreign Investments Act as well as the Public Service Act.
“Let’s pass those laws now… we are constantly engaging with our partners in the UK. And once these bills are finally (passed) into law, then we can promote aggressively and effectively because then we know what the full extent is,” Nelson said.
He noted the Philippines is competing with other countries… “so the non-passage of one of those bills will reduce that opportunity. I hope that doesn’t happen,” he added.
Nelson expressed hope the next administration will continue to invest in infrastructure, in particular on digital to meet the increased adoption of electronic commerce.
Nelson said business would also like to see a continuing reduction in red tape. – Irma Isip
