British businesses in the Philippines are calling for the opening up of the economy to attract investments particularly in retail.
Chris Nelson, executive director of the British Chamber of Commerce of the Philippines (BCCP) in a press briefing in Makati yesterday, noted the country does “not operate in isolation” and that it competes for investments with other countries in Southeast Asia.
Nelson said while the Philippines is experiencing growth and inflation has been tame, there is a need to continue to promote the country as an investment destination.
With private sector actively participating in government’s infrastructure push and the passage the Ease of Doing Business Act, Nelson believes the Philippines is on the right track.
But he “there is a lot that needs to be done” in opening and liberalizing the economy to get more investments from the UK.
He said one of the Philippines’ advantage is its growing population with half of it young and dynamic, pushing investment interest in sectors like retail and infrastructure.