British firms await retail liberalization, Public Services Act to invest in PH

ABS-CBN News

Posted at Jan 25 2021 12:11 PM

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MANILA - British firms are waiting for the passage of the Retail Trade Liberalization Act and Public Services Act as a signal to invest in the Philippines, a top official of the British Chamber of Commerce of the Philippines (BCCP) said Monday.

Chris Nelson, BCCP chairman, told ANC's Market Edge that these are the two key economic measures eyed by British investors, but they also welcome efforts of the Philippine government to push for more economic reforms.

He noted that further easing of restrictions to modified general community quarantine (MGCQ) will also encourage more British investments in the Philippines.

The chamber is pushing for "longer-term" local investment opportunities for British firms, mostly in the manufacturing and renewable energy sectors.

Despite the uncertainties caused by Brexit, the BCCP chairman said this "does not affect business in the Philippines." He added they see this as an opportunity to market the Philippines as a destination for investments and "gateway to Southeast Asia."