Makati City:The British Chamber of Commerce of the Philippines (BCCP) is advocating for the expedited approval of four key economic measures, including the Cybersecurity Act, to enhance digital transformation and strengthen investor confidence amidst the challenges of high inflation and weak investment in the country.

According to Philippines News Agency, BCCP Executive Vice Chair Chris Nelson emphasized the importance of these measures during a media luncheon in Makati City, highlighting the global challenge of cybersecurity threats such as phishing and cyberattacks. The Cybersecurity Act aims to establish a National Cybersecurity Agency and align the Philippines with international cybersecurity standards.

Nelson further noted the readiness of UK-based cybersecurity firms, NCC Group and CyberQ, to assist in these efforts. He also stressed the significance of the Digital Payments Act, pointing out that digital transactions currently make up 64.7 percent of retail transactions in the Philippines. Additionally, the Open Finance Act is expected to improve credit rates and provide more financing options for consumers in the country’s consumer-driven economy.

Nelson also expressed concerns over proposed agricultural policies by the Department of Agriculture (DA), particularly the plan to increase pork tariffs and implement a two-month import ban. He noted the UK’s interest in this policy, citing the Philippines as a major market for UK pork exports in Asia. He urged the DA to reconsider these plans to avoid adding pressure on prices as domestic production recovers from the impact of African swine fever.

On renewable energy, Nelson mentioned the attractiveness of the Philippine government's shift towards higher utilization of renewable energy for British investors. Although he did not specify potential investment figures, he mentioned the influence of government infrastructure spending on British investors' decisions. The UK has allocated 5 billion pound sterling under the UK Export Finance capacity agreement for infrastructure projects, signed jointly by UK Trade Minister Anas Sarwar and Department of Finance Secretary Frederick Go.

Nelson highlighted the potential of solar power projects but acknowledged short-term challenges such as inflation and domestic growth rate. Despite these challenges, he affirmed the strong interest of UK investors in the Philippine market.