THE British Chamber of Commerce Philippines (BCCP) said it supports the passage of the Open Access in Data Transmission bill, also known as the Konektadong Pinoy bill, as well as further economic liberalization.
鈥淭he British Chamber will remain at the forefront of supporting key legislation to continue opening up the economy while promoting multiple areas of cooperation,鈥 BCCP Executive Director Chris Nelson said at a briefing on Thursday.
鈥淭his aligns with our goal of further increasing UK-Philippines trade and the overall drive to boost its competitiveness in Southeast Asia,鈥 he added.
The chamber also sought the passage of the proposed Cybersecurity Act and the E-Governance Act.
鈥淲e have also been very concerned and advocating for cybersecurity. Cybersecurity is an issue across the world 鈥 And the UK is a known source of expertise on cybersecurity,鈥 said Mr. Nelson.
鈥淐ybersecurity is not only important for banks; it is going to be important for all companies and for everybody because, as we get more digitized, security is going to be more critical in the future,鈥 he added.
He said that the proposed Cybersecurity Act will help extend the obligation to maintain secure systems across the private sector.
鈥淲hy is that important? Because once you start to extend it, it becomes everybody鈥檚 responsibility. And you can only protect yourself then when more people are aware of what guidance and what is needed,鈥 he said.
鈥淪o we鈥檙e looking very much forward to having that bill passed, and as we said, we鈥檇 like to see a swift pass, hopefully by the beginning of the next Congress,鈥 he added.
He said that the E-governance Act will help investors see improvements in Philippine bureaucracy.
鈥淭hings have improved, but it could be much better. And one of them is if we enact the E-Governance Act. Anything you can digitalize will make the process quicker which would encourage more companies to come,鈥 he said.
Meanwhile, he said that the BCCP wants to also see further removal of Constitutional barriers to foreign investment.
鈥淭he Philippines is one of those countries that has what they call the 鈥榥egative investment list鈥 which is actually in your Constitution,鈥 he said.
鈥淭his obviously means foreign companies cannot invest in certain sectors, so we want to see further liberalization,鈥 he added.
He said the Philippines has taken steps in opening some industries, such as renewable energy (RE).
The government saw an increase in RE projects after it allowed full foreign ownership in the industry. Foreign investment was previously capped at 40%.
鈥淲e have seen it in some other aspects, but we can continue to do more and further open up the economy. You are competing with other countries that may be more liberal,鈥 he added.
In the year to June 2024, trade between the UK and the Philippines amounted to 2.9 billion pounds sterling. The Philippines is the UK鈥檚 second-largest export market for pork next to China. 鈥 Justine Irish D. Tabile
