British chamber pitching more UK companies to invest after legislation opens PHL markets - BusinessWorld Online

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The British Chamber of Commerce Philippines (BCCP) said it is encouraging UK companies to invest in the Philippines following the easing of foreign ownership limits on industries like telecommunications and retail. READ:

BCCP Executive Director Chris Nelson said in a statement on Wednesday that the chamber “actively continues to encourage more British companies to look at business and long-term opportunities in the country.”

On March 21, President Rodrigo R. Duterte signed Republic Act No. 11659 which amended the 85-year-old Public Service Act . The amended law now allows foreigners to fully own companies in the telecommunications, airlines, railways, and shipping businesses. Previously, these sectors were subject to a 40% foreign ownership limit.

Earlier, Mr. Duterte signed RA 11595, which amended the Retail Trade Liberalization Act , and RA 11647, which amended the Foreign Investments Act . On the other hand, the amended RTLA lowered the required minimum paid-up capital of foreign retailers to P25 million from $2.5 million, while the minimum investment per store was lowered to P10 million.

 

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