Retail liberalization will attract more investors, says British Chamber of Commerce

ABS-CBN News

Posted at Jun 19 2019 09:43 PM

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MANILA—The incoming Congress needs to pass several key measures to further entice foreign investors to set up shop in the Philippines, a British business group said on Wednesday. 

Chris Nelson, chairman of the local British Chamber of Commerce, said although foreign investments in the country have gone up, the Philippines still trails its neighbors, particularly Vietnam. 

"I think what we're looking for again, is in the next Congress, particularly something like the passage of the [retail] trade liberalization act and further work on the foreign investors' act," Nelson said in an interview with ANC's "Market Edge."

Nelson said British investors are still looking at ramping up investments locally despite uncertainties in the United Kingdom due to Brexit, as well as the ongoing trade war between the US and China. 

Investors from the UK are interested in getting into education, engineering and retail in the Philippines, he said.