UK Chamber calls for lower capital requirement in Retail Liberalization Act


(As published) Senator Aquilino “Koko” Pimentel and international trade lawyer Anthony Abad were guests at the joint advocacy webinar hosted by the European Chamber of Commerce of the Philippines (ECCP) and Chris Nelson, Executive Director and Trustee of the British Chamber of Commerce.

Senator Koko Pimentel, Chris Nelson and Tony Abad during a joint ECCP and British Chamber of Commerce Philippines webinar.

Nelson, moderator of the roundtable, Pimentel, chairman of the Senate Committee on Commerce and Entrepreneurship, and Abad discussed proposed changes to the Retail Trade Liberalization Act during the online briefing.

During the presentation, Abad referenced the neighboring countries of the Philippines and how they embraced trade liberalization by enacting domestic reforms and lowering the cost of doing business, resulting in positive economic growth.

Abad said the Philippines should follow the same path to increase its competitiveness and attractiveness to attract foreign direct investment.

Nelson, meanwhile, stressed the importance of accelerating the reconciliation of the final version amending the trade liberalization law. He said he hopes the final version will have a lowered minimum paid-up capital in order to attract investors.

The BCCP is in partnership with the Manila Department of International Trade to help attract British companies to do business in the Philippines. The chamber also looks forward to the early enactment of the amendment to the Civil Service Law and the Foreign Investment Law to ease restrictions on foreign ownership in the country and boost economic growth and recovery.

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