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British Chamber sees challenges for PH economy until first half of 2021

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/12/15/20200218-pse-bgc-jc-3.jpg"/><figcaption>The Philippine Stock Exchange (PSE) building at the Bonifacio Global City, Taguig. Jonathan Cellona, ABS-CBN News file photo</figcaption></figure></div><p>MANILA - The British Chamber of Commerce Philippines (BCCP) plans to attract foreign investors next year despite seeing continued challenges for the Philippine economy until the first half of 2021, a chamber official said Tuesday.</p><p>&quot;We anticipate that 2021 will have continuing challenges until the first half of the year...If we can open up trade and travel restrictions, it&#x27;s a signal for the Philippine economy to grow its foreign direct investment,&quot; BCCP Chairman Chris Nelson told the ANC Market Edge.</p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/jEyAuqqyIRI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/12/14/20/philippines-finalizing-talks-for-25-m-sinovac-doses-vs-covid-19">Philippines finalizing talks for 25 million Sinovac doses vs COVID-19</a></li></ul><p>Nelson noted foreign firms find the &quot;young and dynamic&quot; Filipino workforce to be the main attraction for investing in the Philippines.</p><p>He also said that they are seeing long term potentials and opportunities in sectors of food and drink, retail, advanced machinery, and business services.</p><p>British firms&#x27; decision to invest here can be cemented by further easing of travel restrictions, and the passing of renewed Retail Trade Liberalization Act (RTLA) and Public Services Act, Nelson added.</p><p>Last September, the Senate passed a bill to amend the Republic Act No. 8762 or the RTLA, lowering the minimum paid-up capital for foreign retail investors to $300,000 from $2.5 million. </p><p>A similar bill was passed by the Lower House in March, that puts the minimum paid-up capital at $200,000.</p><p>Amendment to the Public Services Act will redefine &quot;public utility&quot; as only applicable to power and water -- not in telecommunications.</p><p>This will remove the 40 percent foreign ownership cap in the telecoms sector and attract foreign entrants to improve telco services.</p><p>Asked if Brexit will affect British firms in the Philippines, Nelson noted that there is zero to minimal effect as current trade agreements will continue to &quot;stand in place&quot; while the BCCP also continues to highlight opportunities to seize within in the Philippine market.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/03/20/velasco-open-to-easing-constitutional-restriction-on-foreign-investments">Velasco ‘open’ to easing constitutional restriction on foreign investments</a></li>	<li><a href="https://news.abs-cbn.com/video/news/01/22/20/bccp-respecting-sanctity-of-contracts-passage-of-citira-bill-important-for-foreign-investors">BCCP: Respecting sanctity of contracts, passage of CITIRA bill important for foreign investors</a></li></ul><div><br/> </div>

<p>The British Chamber of Commerce Philippines (BCCP) plans ahead to attract foreign investors next year despite seeing continued challenges for the Philippine economy until the first half of next year, a chamber head said Tuesday.</p>

The British Chamber of Commerce Philippines (BCCP) plans ahead to attract foreign investors next year despite seeing continued challenges for the Philippine economy until the first half of next year, a chamber head said Tuesday.