The British Chamber of Commerce Philippines (BCCP) is pushing for the passage before the elections next year of three pending economic bills seen to attract more foreign direct investments (FDI) into the Philippines.
BCCP Executive Director Chris Nelson said they want passed into law pending amendments to the Retail Trade Liberalization Act, the Public Service Act and the Foreign Investment Act.
“The Chamber has been advocating for further improving the business environment in the country to attract FDI and promote international trade. Now, the Chamber looks forward to the passage of the three economic bills [which have] been certified by President Duterte as urgent and significant to economic recovery,” Nelson said in an email interview.
He said these should be next on the priority list now that the government has passed the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
CREATE is a tax reform package that cut corporate taxes across the board, offering relief to Philippine-based companies that have long been dealing with the one of the highest CIT rates in the region. It also rationalized tax breaks, offering them to strategic investments. Mr. Duterte signed the measure into law last month.
“In addition, the British Chamber notes that these three economic bills certainly complement the CREATE Act, removing restrictions on international trade and FDI,” Nelson said.
“Other United Kingdom companies are exploring possible investments in food and beverage, retail and machinery projects provided that attractive regulatory environment must be put in place,” he added. INQ