Metro Manila, Philippines — A foreign business group lauded a recent law that cracks down on financial fraud, while pushing the government to work further on digitalization policies.

Speaking to NewsWatch Plus on Monday, July 22, Chris Nelson, executive director of the British Chamber of Commerce of the Philippines, said cybersecurity will be a continuing global issue.

He mentioned the recent Microsoft outage that affected operations of airlines and banks worldwide.

“The Philippines recognizes that,” Nelson said in an interview ahead of the State of the Nation Address (SONA). “We applaud the recent signing of the anti-financial scamming act but we also want to see the cybersecurity act passed.”

President Ferdinand Marcos Jr. on Saturday, July 20, signed into law the Anti-Financial Account Scamming Act, which would also establish safeguards for financial rights.

Nelson said the Philippines has growth advantages that need to be backed by laws that would boost digitalization, such as the proposed e-governance bill. Such a move would invite more British investors.

“Part of e-commerce and digital payments is linked to ease of doing business,” said Nelson, citing the importance of ease of doing business.

He said the chamber seeks further discussion on opening up ownership to foreign investors, removing restrictions in a number of areas including utilities.

Nelson said investors are looking forward to the enactment of the Anti-Agricultural Economic Sabotage Bill, which is among the administration’s priority measures.

Marcos delivers his third SONA on Monday afternoon, July 22.