British Chamber optimistic for extension of lowered tariffs to assist in food security, inflation

The Philippines recorded a 6.1% inflation in September 2023 which caused the Bangkol Sentral ng Pilipinas (BSP) Monetary Board to raise interest rates to 6.50% to mitigate the risks of inflation.

In an interview on Oct. 31, 2023, British Chamber of Commerce Philippines (BCCP) Executive Director/Trustee Chris Nelson emphasized how the Philippines remains attractive to foreign investors despite the high inflation rate. 

“The off-site rate increase shows how the Bangko Sentral wants to treat inflation significantly and people are taking into account actions on inflation. I think controlling inflation, we’ve seen it in the US, the UK, and across Europe, is a key element which in that context, it reinforces the government’s approach to the economy,” Nelson said.

Moreover, Nelson emphasized how inflation affects food security and the significance of UK-PH trade relations through UK exports, particularly pork– with the Philippines being its second largest pork export market last year, in assisting with inflation and projected shortages.

The British Chamber has consistently shown its support to the extension of lowered tariffs on meat of swine until next year through submitting a position paper to the Tariff Commission. 

In line with this, the British Chamber also welcomes the support of the economic team and the Department of Agriculture– particularly, in increasing pork imports to address possible shortages with the upcoming holiday season.

Furthermore, the British Chamber remains an advocate for a dynamic and vibrant agricultural sector in support of the Anti-Agricultural Smuggling Act to help reinforce the country’s agricultural policies.

Meanwhile, upcoming events at the British Chamber highlights its aim of increasing the British presence and collaboration with its local counterparts in the Philippine market.

Its Philippine-British Meat Trade Mission Year-End Gathering on November 30 intends to celebrate the successful meat trade mission that occurred last year in collaboration with the Agriculture and Horticulture Development Board which is also an integral partner of the British Chamber in establishing long-term relations among the importers and distributors in the UK and the Philippines towards attaining food security which remains significant in sustaining the all-time high economic growth.