In a bid to spur economic growth and recovery, President Duterte certified three economic bills as urgent to ease foreign investment restrictions in the country, all of which have recently made significant progress. The amendments to the Retail Trade Liberalization Act was signed into law on 10 December 2021 as Republic Act No. 11595, and on 2 March 2022, the measure amending the country's Foreign Investments Act was also enacted, thereby easing rules on foreign businesses in the Philippines. Meanwhile, recent pronouncements indicate that the bill proposing amendments to the Public Service Act has been transmitted to the Office of the President in February.
These legislations received support from economic managers, industry associations and business groups, and development planners. In this context, the Joint Foreign Chambers of the Philippines is hosting a special online discussion with DTI Secretary Ramon Lopez, key legislators, and economic and business experts, to walk us through and exchange thoughts on these policy reforms and their broader implications to improve the country's investment climate and increase business confidence.
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.