British chamber remains optimistic on UK-Philippines trade growth

Philippine Tribune
Philippine Tribune

Philstar.com

February 12, 2024 | 2:59pm

With the total trade in goods and services reaching an all-time high of £3.0 billion, BCCP Executive Director/Trustee Chris Nelson expressed optimism on the positive growth trajectory of the UK and the Philippines’ bilateral trade. In a recent interview, Nelson cited the previous events and engagements of the British Chamber which focused on boosting trade and investments in the Philippines.

The British Chamber launched its Trade & Connect (T&C) series–an initiative to introduce the Philippine market to potential UK investors and showcase in-demand sectors and industries. Last 30 January, it successfully hosted the T&C event titled: “Forecasting 2024: UK-PH Economic Perspectives”, which featured officials from the government, including British Ambassador to the Philippines Laure Beaufils, Department of Trade and Industry Undersecretary Allan Gepty, Anti-Red Tape Authority Secretary Ernesto Perez, economist and Senior Adviser at Reyes Tacandong & Co., Jonathan Ravelas, and a welcoming video remark by House Speaker Ferdinand Martin Romualdez. 

To reinforce this commitment, the British Chamber also participated in the 8th Joint Economic Briefing last 17 January 2024 along with other European chambers of commerce in the Philippines which emphasized on infrastructure development and sustainability. Additionally, the British Chamber also joined the Cybersecurity Reception organized by the British Embassy Manila and BSI Philippines to explore the opportunities UK can offer to further improve the cybersecurity landscape of the Philippines.

Nelson also highlighted the expertise of the UK and the growing demand in various industries.

He noted: “There’s a great emphasis from the UK on areas such as green energy, infrastructure, and cybersecurity. We just had a visit from the new Trade Commissioner for Asia Pacific, Martin Kent and we saw him at a Cybersecurity Reception — and the UK has a great expertise in that. The relationship is very strong, this is the 77th year of diplomatic relations and it just reinforces the fact that the relationship continues to grow…”

“Certain macroeconomic pressures across the world, that’s always going to be a challenge but the interest level of both parties — and let’s not forget, we’ve also launched the Developing Countries Trading Scheme which we believe will assist Philippine exports to the UK. We hope and we want to get our lead table up from 59th, even higher,” Nelson further added. 

The Philippines is the UK’s 59th largest trading partner in the four quarters to the end of Q3 2023, accounting for an increase of 19.2% in total trade in goods and services. The British Chamber remains committed to representing the growing British business community and continues to promote the Philippines as an investment hub in the region.

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