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). 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. The amendments to the PSA propose that public utilities be described and distinguished from public services. The BCCP continuously promotes the Philippines as a good place to invest in but the country must reduce barriers to attract more investments.

Source: Manila Times July 22, 2021 17:15 UTC