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Manila Bulletin devider Business devider British Chamber pushes for further liberalizing the economy and enhanced cybersecurity

British Chamber pushes for further liberalizing the economy and enhanced cybersecurity

Published Dec 16, 2024 10:05 pm

The British Chamber hosted its annual Media Appreciation Luncheon on 12 December at Fashion Interiors, one of its key members. The Chamber successfully ended the year, with its priority legislation passing into law, particularly the Anti-Agricultural Economic Sabotage Act and the Anti-Financial Accounts Scamming Act (AFASA). Remaining priorities include the swift passage of the Cybersecurity Act, E-Governance Act, and Konektadong Pinoy Act–contributing to the overall drive in opening up the economy.

The Chamber works closely with the UK Agriculture and Horticulture Development Board (AHDB) and looks forward to increasing meat trade growth in 2025. The Philippines remains the second largest market for UK pork exports after China with UK pork exports amounting to £26m and the UK beef exports with £2.3m from January-September 2024.

The Anti-Financial Account Scamming Act strengthens the financial sector’s defense against cyberattacks and allows the Bangko Sentral ng Pilipinas to collaborate more effectively with law enforcement agencies and financial institutions. This aligns with the advocacy for the Cybersecurity Act, aimed at bolstering the country's cybersecurity infrastructure.

BCCP Executive Director/Trustee Chris Nelson noted that this opens up opportunities for the UK and the Philippines to work together, emphasizing the former’s advanced cybersecurity capabilities. Alongside the country’s digital transition, the passage of the E-Governance Act supports the current initiatives on improving the ease of doing business and reducing barriers to the Philippine market, with the British Chamber officially becoming an ARTA Champion. Meanwhile, the Open Access in Data Transmission Act aims to improve the Philippines' internet infrastructure and a competitive telecommunications sector that encourages foreign investments.

“We, at the British Chamber, along with other business groups, would openly welcome and wish to see further liberalization. In that context, you are competing with other countries and therefore, we have to be on the same level in driving ways forward in terms of opening up the economy and making the Philippines an investment destination in Southeast Asia,” Nelson further added.

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British Chamber of Commerce of the Philippines
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