Sumary of BCCP calls for passage of economic reform bills:
- THE British Chamber of Commerce of the Philippines (BCCP) called for the immediate passage of the amendments to the Retail Trade Liberalization Act (RTLA), Foreign Investments Act (FIA) and the new Public Service Act (PSA).
- BCCP Executive Director Chris Nelson, in an interview with The Manila Times, said they are hopeful that President Rodrigo Duterte, in his last State of the Nation Address (SONA), will urge Congress to pass these bills within the year.
- The amendment to the RTLA seeks to remove some barriers for foreign retail investors interested to engage in retail trade in the Philippines.
- It also proposes to lower the paid-up capital for foreign retail enterprises from the current P120 million to P50 million.
- Public utilities can only have “natural monopolies” in the distribution and transmission of power, water and sewerage while amendments to the FIA eases rules on foreign businesses.