British chamber backs amendment of PH’s foreign ownership law
2025 WISHLIST. British Chamber of Commerce of the Philippines (BCCP) executive director Chris Nelson bares the business group’s wishlist for the government next year at the BCCP Media Appreciation Lunch in Makati City on Friday (Dec. 12, 2024). Nelson said interest of British businesses in the country remains high. (PNA photo by Kris Crismundo)
The British Chamber of Commerce of the Philippines (BCCP) on Thursday said it favors amending foreign ownership laws in the country, seeing its impact in attracting more firms from the United Kingdom to invest locally.
BCCP executive director Chris Nelson said that ownership is one of the considerations of major investors, which the Philippines is competing for with other countries.
“I know people say you can have a long-term lease arrangement. But if you’re a major investor, sometimes that doesn’t work compared to others,” Nelson told reporters on the sidelines of the chamber’s event in Makati.
“So yes, we’d like to see further extension of foreign ownership,” he added.
READ: British chamber: Charter change to bring quicker reforms
Article continues after this advertisementThis policy change is but one of the measures being pushed by the BCCP.
Article continues after this advertisementIt is also advocating for the passage of the Cybersecurity Act, the E-Governance Act, and the Konektadong Pinoy Act in 2025.
“(Cyber security) is not only important for banks, it is also important for all companies. It’s important for everybody because we are more and more digitized, therefore that security is going to be more critical in the future,” Nelson said.
“I think we all agree that we’d like to see improvements in bureaucracy… Things could become better if back the e-governance act. Anything you digitalize can make the process quicker. That will encourage more companies to come,” he said further.
Meanwhile, the Konektadong Pinoy Act –a proposed legislation aimed at improving the internet connectivity in the country—will also be beneficial to a wide range of industries, said Nelson.
According to the BCCP, the UK is the Philippines’ number one source of foreign direct investment inflows with £585.74m million.
Total trade in goods between the two countries has already reached £2.9 billion, with the UK being the Philippines 21st largest trading partner.
Further, the BCCP said that the UK is the 8th largest source of the Philippines’ tourist arrivals, as well as the fifth largest source of overseas remittances.
