United Kingdom wants to strengthen trade ties with Philippines

MANILA, Philippines — The United Kingdom (UK) is looking to grow bilateral trade with the Philippines by promoting greater use of its trade preference scheme by Filipino exporters and collaboration on technology and artificial intelligence (AI). 

“The UK-Philippines trade relationship at the moment is worth £2.8 billion and we’re absolutely committed to growing this,” UK trade commissioner for Asia-Pacific Martin Kent said in a media roundtable. 

Lindsey Gilbert-Crouch, director of trade and investment at the British Embassy, said the greater use by Philippine exporters of the Developing Countries Trading Scheme (DCTS), which removes tariffs and simplifies trade rules for over 90 percent of goods entering the UK, is seen to help boost trade. 

“We are very pleased to be working with the government of the Philippines to try to increase utilization,” she said. 

She said an exporters’ handbook would be launched in the coming days to support the higher utilization of the DCTS, which is currently at 68 percent. 

“We would love to see utilization at 100 percent,” she said. 

She said the UK is working with the Department of Trade and Industry (DTI) and the Boston Consulting Group to explore new sectors that could benefit from the DCTS. 

DTI-Export Marketing Bureau director Bianca Pearl Sykimte said the UK discussed with the Philippine government the possibility of relaxing rules for sectors with low DCTS utilization, including garments. 

To boost trade, UK Ambassador Laure Beaufils said technology is an area where the two countries can work together to deliver results. 

With technology seen playing a key role, the UK has partnered with Philippine venture capital firm Kickstart Ventures for the Tech Growth Program, which will match UK startups to potential investments. 

“This collaboration reflects the UK’s strong commitment to providing innovative tech to the Philippines,” Kent said. 

The British Embassy also partnered with FinTech Alliance for cooperation on fintech. 

A delegation of 12 UK technology companies was also in the country earlier this week to explore opportunities. 

Companies part of the delegation offer cutting edge solutions in data analytics, internet of things, cybersecurity consulting and AI for enterprise.

Crouch said UK tech companies are interested in opportunities in the Philippines given the country’s talent pool and big market. 

“There’s very strong demand for a lot of UK tech products and UK tech expertise and I think UK companies are really just keen to tap into that,” she said. 

With its over $1 trillion tech economy and work on AI standards, Beaufils said the UK can support the Philippines in the AI space by sharing its experience and expertise.