British Chamber: Philippines will attract FDIs from UK with passage of key reforms

(As released) BCCP Executive Director and Trustee Chris Nelson is confident that the Philippines will lure foreign direct investments from the UK as the economy looks to bounce back from the challenges brought by the pandemic.

A screenshot of the interview of Chris Nelson, BCCP executive director and trustee, on ANC.

In an interview, Nelson mentioned significant interests from British companies wanting to invest in the Philippines but cites the need to pass the pending economic reforms soon amending the Retail Trade Liberalization Act, Public Service Act and Foreign Service Act.

Nelson was asked whether the passage of one economic reform particularly, the RTLA will be the key to bagging a bilateral trade agreement from the UK. Nelson explained that although it's not the only "key" factor, it remains essential leverage in boosting bilateral agreements. The UK has recently signed bilateral trade agreements with Viet Nam, Singapore and recently with Australia.

For its part, the British Chamber will continue to closely work with the British Embassy Manila and Department for International Trade to assist UK companies interested to enter the country and will continue to collaborate further with other stakeholders to mount digital events and online training programs. — As released