British Chamber joins Philippine economic briefing in London to reinforce UK-PH ties
The British Chamber of Commerce Philippines (BCCP) represented by Executive Director/Trustee Chris Nelson attended the Philippine Economic Briefing in London on Oct. 31, 2024 with the theme, "PH On-the-Go: Fast-Tracking Economic Progress."
The event is led by the Philippine delegation such as the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), Department of Finance, Bangko Sentral ng Pilipinas, Department of Budget and Management, National Economic and Development Authority, Department of Trade and Industry, and the Department of Energy, joined by leading multiple British companies.
Department of Finance (DOF) Secretary Ralph Recto has set the tone of the briefing by encouraging British investors to do business in the Philippines by further noting the initiatives of the Marcos administration on the ease of doing business, “If you are looking for a place to grow your business and make more money, I’d say: Choose the Philippines. Make it happen in the Philippines. Because there is no other country in the world, at this moment, that holds so much potential to boost your investments.”
It is reported that the UK is the number one source of foreign direct investment (FDI) inflows of the Philippines amounting to GBP 585.74 million as of July 2024, recording a 4,230% increase from last year. Meanwhile, the Philippine Economic Zone Authority (PEZA) reported a total of 97 registered business enterprises (RBEs) with total investments of Php 202.37 billion and a total employment of 93,571.
The UK remains to be a significant partner of the Philippines, making it the 21st trading partner of the country and also contributing to other sectors such as healthcare, tourism, and overseas remittances–the UK being the 8th largest source of tourists of the Philippines and 5th largest source of overseas Filipino remittances.
Secretary Recto in his presentation, also highlighted the downward trend of inflation at 1.9% in September–the lowest rate in four years, noting the whole-of-government approach to lowered tariffs, particularly on rice, pork, and other agricultural products.
The British Chamber has consistently worked with the UK Agriculture and Horticulture Development Board (AHDB) to support British pork exports in the country to assist on inflation and food security–marking a 26% increase in pork exports in July 2024 amounting to over £21.8 million.
These developments further align with the 2030 forecast of the Philippines becoming the world’s 13th-largest consumer market and the goal of attaining an upper-middle-income status in 2025.
The British Chamber remains at the forefront of representing the British business community in the Philippines alongside the British Embassy Manila, the Department for Business and Trade, the Philippine Embassy in London, the Philippine British Business Council and other relevant Philippine government agencies to provide a more conducive and competitive environment for British investors on various sectors, leveraging the UK’s excellence on cybersecurity, agriculture, technology, infrastructure and renewable energy.
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