THE British Chamber of Commerce Philippines (BCCP) said the ASEAN chairmanship and key reforms will help the Philippines amplify its case as a key investment destination.
“I think that from an optimistic point of view, the Philippines being chair of ASEAN is a very good move for you if it is done properly and supported well,” BCCP Executive Chair Chris Nelson said in a briefing on Wednesday.
“I think the country needs to leverage this very much because I think it is a very opportune time,” he added. “Being ASEAN chair gives the Philippines a lot of opportunities to highlight key areas.”
He said the Philippines is currently competing with other countries for foreign direct investment (FDI), adding to the urgency of passing key legislation, (entrench) digital payments, e-governance, and do more promotion,” he added.
He said that the BCCP is looking in particular at the passage of the Cybersecurity Act, the Digital Payments Act, and the Blue Economy Act.
“The UK is already interested in supporting, as you have seen through the UK-Philippines Joint Economic and Trade Committee, infrastructure, renewable energy, and agriculture,” he said.
“There are a lot of good opportunities. Of course, we need to continue to work harder and promote and also look at the challenges … But I think FDI between the two countries can grow,” he added.
Meanwhile, he said the Philippines’ planned accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can help boost trade between the Philippines and the UK.
Last month, Trade Undersecretary Allan B. Gepty said that the members of the CPTPP are set to tackle the Philippines’ proposed accession next year.
According to Mr. Nelson, the UK is the fourth biggest foreign investor in economic zones regulated by the Philippine Economic Zone Authority.
The Philippines is the UK’s 59th largest trading partner. — Justine Irish D. Tabile