British Chamber sees increased competition due to Public Services Act
MANILA, Philippines — A week after the Public Services Act was signed into law, the British Chamber of Commerce of the Philippines said the legislation brings a wealth of benefits Philippine and European companies.
In an interview on ANC on Thursday, BCCP Executive Director Chris Nelson pointed out that Public Services Act, which allows full foreign ownership of certain industries, will likely increase competition within the country's business ecosystem.
"What we see now is that will bring increased competition there'll be an improvement in services there and that will also be a benefit to UK companies," Nelson said.
Nelson echoed what the European Chamber of Commerce has stated in previous briefings that this will entice investors from Europe, many of whom were previously dissuaded from investing due to the various restrictions.
As it is, the country has numerous restrictions on foreign investments in industries that were deemed public utilities. For instance, telco companies, which must be 60% owned by Filipino nationals, could be open to foreign takeover once the bill is enacted into law.
Elon Musk's Starlink decided to proceed with its plan to offer satellite internet services to Filipino consumers following the signing of the Public Services Act into law.
But before that happens, Nelson batted for more investments in public infrastructure, noting that there needs to be more support for these projects.
"I think what companies are looking for is further investments in public infrastructure and obviously, we've had build build build. We've seen that obviously with the pandemic the need to continue to boost that digital economy and continue to invest in those areas. I think we can do a lot of support on the infrastructure side," he added.
The Duterte administration spent P1.02 trillion last year for the Build, Build, Build program that faced headwinds amid pandemic curbs. That said, the government's infrastructure spending slumped 12.4% year-on-year in the first quarter of 2020, continuing in the next quarters as the government had to direct its spending efforts towards its pandemic response.
- Latest
- Trending
