British chamber calls for passage of four Philippine bills
The proposals cover cybersecurity, digital payments, open finance and the blue economy, which the chamber says would support investment and growth.
Four proposed laws should be passed to strengthen investor confidence and support economic growth in the Philippines, according to Chris Nelson, executive vice chairman of the British Chamber of Commerce of the Philippines (BCCP).
Nelson told reporters the chamber would maintain its push for the Cybersecurity Act, Digital Payments Act, Open Finance Act and Blue Economy Act. He said the pace of legislative approvals had slowed and that passing the measures would signal progress to businesses and investors.
With electronic payments becoming more common, Nelson said the Digital Payments Act could speed up processes such as paying government fees. He said the Open Finance Act could help people with little or no access to financial services build credit histories to support borrowing.
Nelson also called for cybersecurity legislation to protect digital transactions and the sharing of consumers’ financial information, citing phishing attacks and scams.
He linked the need for the Blue Economy Act to the development of resources across the country’s islands and ocean-based assets, and urged the government to pass the proposals.
