NEWS

By Revin Mikhael D. Ochave | Business World | December 14, 2021 10:36PM

(Photo: Business World)

THE NEXT government needs to continue investing in infrastructure to encourage further growth in digitalization, the British Chamber of Commerce Philippines said.

Chris Nelson, the chamber’s executive director, said in a virtual briefing on Tuesday that the incoming administration needs to focus on growing the Philippines’ digital footprint.

“I hope we see from the next administration (a) continuation in investment in infrastructure, and in particular on digital. This has been highlighted (by) e-commerce, and has been a key factor. I think that will only continue not only in the Philippines but obviously across the world,” Mr. Nelson said.

“(This) is very important because (it) will further boost the economy, particularly on the digital side, and communication,” he added.

Mr. Nelson said that the delays in passing economic reform bills such as the amendments to the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act reduces the window of opportunity for the chamber to promote the Philippines to potential investors.

He added that the chamber is constantly in talks with companies in the UK, adding that promotion efforts will be enhanced once the bills are signed into law.

“We are competing with other countries. When I am promoting the Philippines in the UK, I want to get companies to come here and to do business, and also give an opportunity to do business in Southeast Asia. The non-passage of one of those bills will reduce that opportunity,” Mr. Nelson said.

“In relation to boosting the country’s attractiveness to foreign investors, the (chamber) looks forward to seeing more efforts liberalizing the economy by easing restrictions on foreign investment in particular, in retail, transportation, telecommunications and other significant sectors,” he added.

Mr. Nelson said the chamber has received at least 160 inquiries from those wishing to invest in the Philippines, including agriculture technology, business services, food and drink, automotive, advanced manufacturing, and retail companies.

“We’ve seen a lot of interest in the food and beverage sector. We will continue to promote opportunities in the Philippines, highlighting its long-term potential,” Mr. Nelson said.

Source: Business World