British chamber urges passage of 4 key bills

MANILA, Philippines — The British Chamber of Commerce of the Philippines (BCCP) is pushing for the passage of four legislative measures including the Cybersecurity Act and Digital Payments Act to boost investor confidence and drive economic growth.

Chris Nelson, executive vice chairman at BCCP told reporters that the group would continue to push for the approval of priority measures such as the Cybersecurity Act, Digital Payments Act, Open Finance Act and Blue Economy Act into law.

“I think what’s critically important here is we need to see legislation get passed. Legislation has slowed down in terms of passage,” he said.

A leadership shakeup and the impeachment proceedings have affected the Senate’s legislative output.

Nelson said the approval of legislative measures is important in enhancing investor confidence and promoting economic growth.

“That shows a signal to companies and investors that the economy is moving forward, that the legislation we want is important,” he said.

He cited the need to approve the Digital Payments Act amid the growing use of electronic payments.

“If you can move that through the government in terms of payment of fees and so forth, we speed up the process,” he said.

He said the passage of the Open Finance Act would help drive economic activity by enabling access to financial services.

“A number of your citizens, fellow citizens are unbanked or have limited access to finance. What the Open Finance Act would do is create more of a credit history (to) help you borrow,” he said.

He also emphasized the importance of approving the Cybersecurity Act into law to ensure that digital payments and sharing of consumers’ financial data are secure amid numerous phishing attacks and scams.

“Everyone gets them. Unfortunately, people still fall for it, right? So we need to have robust cybersecurity,” he said.

Given the country’s islands and ocean-based assets, he said the Blue Economy Act is another important legislative measure for resource development.

“We would really urge the government to pass those,” he said.

abtestabtest Stocks mostly down on AI concerns as oil prices bounce after plunge 8 hours ago Asian stock markets struggled Tuesday following another AI-fuelled tech selloff on Wall Street that overshadowed a possible... Business Price Tracker: Oil, fuel monitor for Nov. 3 - 9, 2026 By Alyana Uy | 17 hours ago The first week of November sees gasoline prices increasing by P3.5/L and diesel and kerosene prices decreasing by... Business UnionBank seeks BSP capital relief for digital bank integration By Keisha Ta-Asan | 3 days ago Union Bank of the Philippines is seeking exemptions from certain capital requirements as it moves to integrate its digital... Business Inflation may accelerate to as high as 8.1% in October — BSP By Alyana Uy | 4 days ago Inflation could pick up to as high as 8.1% in October due to higher fuel and electricity prices, as well as transport fares, according to the Bangko Sentral ng Pilipinas’ forecast for the month. Business Due diligence By Antonio Samson | 2 days ago Are there still investors who make financial decisions based on “hot tips” from friends, insiders or proponents of schemes that are “too good to pass up?” Business Latest More in Business ‘No rate cuts yet’ Philippines demand boosts Cambodia rice exports UnionBank CEO in Forbes Asia’s 2026 Power Businesswomen list PSEi retreats on cautious trading abtest DBP feted in AsPac tilt for key projects 1 hour ago State-owned Development Bank of the Philippines (DBP) bagged three awards from an international group of financial institutions... Business Hotel101-Madrid posts record-high revenues in October By Richmond Mercurio | 1 hour ago DoubleDragon Corp. continues to enjoy strong demand for its first Hotel101-branded property outside the Philippines, posting... Business JP Morgan to Ayala: Sell smaller units, take property arm private By Richmond Mercurio | 1 hour ago J.P. Morgan has commended Ayala Corp.’s sharper portfolio management under president and CEO Cezar Consing, with the... Business Factory activity stays in contraction in October By Louella Desiderio | 1 hour ago Philippine manufacturing activity remained in contraction territory for the second straight month in October as output and... Business RSA, Razon firms among winners in 1st WTE auction By Brix Lelis | 1 hour ago Companies backed by tycoons Ramon Ang and Enrique Razon Jr. are among nine firms poised to secure winning bids in the country’s... Business Recommended Senate to restore budget for foreign-aided projects 1 day ago Senate finance committee chairman Sen. JV Ejercito has committed to have the allocation for foreign-assisted projects in... BusinessJV EJERCITOSENATE Gatchalian eyes BARMM development 1 day ago Senate President Sherwin Gatchalian wished the Bangsamoro Autonomous Region in Muslim Mindanao parliament well after its inaugural... BusinessSHERWIN GATCHALIAN Senate majority bloc backs budget purge 2 days ago The Senate majority bloc is backing a planned purge of the House-approved 2027 national budget bill riddled with “corruption-prone”... BusinessSENATE Prosecution eyes turnover of VP Sara’s tax cases to BIR 2 days ago The House prosecution panel plans to turn over tax documents of Vice President Sara Duterte and companies linked to her husband... BusinessTRENDING VP Sara visits mass grave of Ormoc flash flood victims 2 days ago As the 35th anniversary of the Ormoc flash floods nears, Vice President Sara Duterte yesterday visited the city public... BusinessANNIVERSARY next Recommended Senate to restore budget for foreign-aided projects Senate finance committee chairman Sen. JV Ejercito has committed to have the allocation for foreign-assisted projects in the proposed 2027 national budget restored. 1 day ago JV EJERCITO SENATE Gatchalian eyes BARMM development Senate President Sherwin Gatchalian wished the Bangsamoro Autonomous Region in Muslim Mindanao parliament well after its inaugural session on Friday, as he expressed hope it would lead to economic development in the BARMM. 1 day ago SHERWIN GATCHALIAN Senate majority bloc backs budget purge The Senate majority bloc is backing a planned purge of the House-approved 2027 national budget bill riddled with “corruption-prone” insertions, with Sen. Panfilo Lacson giving assurance that no one would be spared. 2 days ago SENATE Prosecution eyes turnover of VP Sara’s tax cases to BIR The House prosecution panel plans to turn over tax documents of Vice President Sara Duterte and companies linked to her husband Manases Carpio to the Bureau of Internal Revenue (BIR), for the possible filing of tax evasion charges. 2 days ago TRENDING VP Sara visits mass grave of Ormoc flash flood victims As the 35th anniversary of the Ormoc flash floods nears, Vice President Sara Duterte yesterday visited the city public cemetery mass grave memorial in Leyte where the victims of the 1991 tragedy were buried. 2 days ago ANNIVERSARY OK Are you sure you want to log out? Yes No X Login Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!