British investors want open finance, cybersecurity bills passed urgently

The British Chamber of Commerce of the Philippines (BCCP) called on lawmakers to advance reforms that are critical to reassuring potential investors that the economy remains poised for growth despite headwinds. “If you pass legislation, that then encourages companies to come,” BCCP Executive Vice Chairman Chris Nelson said in a media roundtable last week. The BCCP is pushing for the Open Finance Act to promote secure financial data sharing and open the market to foster innovation and greater competition in the country’s financial services sector.

The measure will also expand access to financing for consumers and micro, small, and medium enterprises (MSMEs), which is expected to strengthen their contributions to the economy. The BCCP also wants the government to prioritize the Digital Payments Act to strengthen consumer protection and promote a transparent digital economy. In line with this, the chamber is seeking the passage of the Cybersecurity Act to strengthen the country’s digital infrastructure and uphold a more secure and predictable business environment.

Further, it is also recommending the passage of the proposed Blue Economy Act to promote sustainable marine resource management and encourage investments in ocean-based industries. “Some [of these measures] have already passed the House of Representatives, obviously what we need now is the version of the Senate. So we would really urge the government to pass those acts,” Nelson said.

To further entice companies to invest in the country, he said the Philippines should continue pursuing its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP, which comprises 12 countries, including the UK, is one of the world’s most expansive trade networks, offering lower tariffs and streamlined regulations to broaden market access. Nelson said some companies would be more willing to invest in the Philippines if it became part of the CPTPP, as joining the trade bloc would mean the country had met its stringent requirements on trade and regulatory practices.

In terms of trade, he noted that the CPTPP would further strengthen bilateral trade between the Philippines and the UK. The Philippines currently benefits from the UK’s Developing Countries Trading Scheme (DCTS), which cuts tariffs, removes conditions, and simplifies trading rules for developing countries. As for the prospect of a bilateral free trade agreement (FTA), Nelson said this is unlikely to happen in the coming years given the Philippines’ current bid to join the CPTPP, which is supported by the UK.

“I don't think we'll go to FTA, but I think CPTPP, as long as it's done properly, will certainly help in terms of trade with the UK,” he said.