British Chamber lauds PBBM for sustaining economic reforms

British Chamber of Commerce in the Philippines (BCCP) executive director Chris Nelson on Wednesday praised the Marcos administration for being able to sustain the economic reforms of the previous leadership.

In an interview with ABSCBN News Channel, Nelson said businesses from the United Kingdom remain optimistic about the growth prospects in the Philippines with the continuation of these economic reforms to make the country a viable investment destination for foreign investors.

He lauded the National Economic and Development Authority (NEDA) for issuing the Implementing Rules and Regulations (IRR) of the Public Service Act (PSA) that now allows full foreign ownership for sectors defined as public services, such as airports, railways, expressways, and telecommunications.

The BCCP executive noted that the amendments to the PSA, the Foreign Investments Act (FIA), and the Retail Trade Liberalization Act (RTLA), which were passed during the Duterte administration, signaled to the international community that the Philippines is open for business.