The British Chamber of Commerce Philippines (BCCP) lauded the key issues noted during the third State of the Nation Address (SONA) delivered by President Ferdinand Marcos Jr., focusing on ease of doing business, food security, infrastructure, cybersecurity, among others.
President Marcos started his speech by tackling food security and cited the present challenges that the country is facing, including El Niño and La Niña phenomena, African Swine Fever (ASF), and smuggling of agricultural commodities. The administration has consistently identified the agriculture sector as one of the significant drivers of the economy and supported the modernization of the sector. It also prioritized the passage of the Anti-Agricultural Economic Sabotage Act to safeguard the consumers and the local market. President Marcos also noted that these efforts in the sector “will send a strong signal that we mean serious business.”
Ease of doing business through digitalization and streamlining processes were also mentioned that enables a more conducive business environment to enable foreign investors, assist MSMEs and agricultural workers.
“Conscious efforts to improve the ease of doing business and of delivering government services, through digitalization, integration, and streamlining of processes, have produced their intended multiplier effects. Cost savings from operations have translated to higher revenues and to more speedy transactions,” Marcos said.
With the efforts on improving the digital infrastructure, President Marcos also cited the recently signed Anti-Financial Accounts Scamming Act (AFASA) to strengthen the country’s cybersecurity posture in the financial industry, enabling the Bangko Sentral ng Pilipinas and other law enforcement agencies to safeguard individuals against cyberthreats.
Prior to the SONA, BCCP Executive Director/Trustee Chris Nelson held an interview citing the development of the economic landscape of the Philippines for foreign investors since President Marcos assumed presidency in 2022 and other key legislative priorities.
Nelson noted that, “What we would like to see is further discussion on opening up the ownership to foreign investors removing the restrictions in various areas. We also want to hear more about the ease of doing business. This has always been a key issue for our investors.
We are an ARTA champion and we woud like to hear more about E-Commerce and digital payments–all of which we think will strengthen that. Those are the areas that we are interested in to induce more foreign investment in the Philippines.”
This has echoed the report of President Marcos citing that the Philippines exhibits post-pandemic resilience that aligns with strong economies in the region. He further added, “to sustain the country’s economic gains, we are promoting investment-led growth. We have set in motion policies and programs to create an environment conducive for businesses to thrive.”
The British Chamber recognizes the efforts of the government to promote the Philippines as an investment destination in the region through the ease of doing business, digitalization, and supporting key legislation focusing on cybersecurity, agriculture, and multiple sectors to protect the local economy while leveraging the country’s potential to attract foreign investments.