British Chamber: Investors stay upbeat amid credit rating revision

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The British Chamber of Commerce Philippines (BCCP) Executive Vice Chairman Chris Nelson recognized a more cautious approach of investors while remaining optimistic on establishing long-term partnerships in the Philippines despite global market shocks and the energy crisis brought about by the conflict in the Middle East. 

Fitch has recently revised its rating from stable to negative for the Philippines, resulting from its heavy reliance on energy imports and forecasted decline of remittances following the developments in the Iran war.

Bangko Sentral ng Pilipinas (BSP) Gov. Eli M. Remolona, Jr. noted that, “The economy remains in a good position because growth is strong and banks are in good shape. The BSP is closely monitoring the impact of higher oil prices and geopolitical developments, particularly the conflict in the Middle East, on inflation and the overall Philippine economy.”

Nelson echoed this statement by pointing out that economic challenges are “being reflected across the world. The Middle East conflict has obviously increased the price of oil. There is inflation pressures in the Philippines as in the UK. We, at the British Chamber of Commerce, along with our colleagues at the [British] Embassy and [Department for] Business and Trade, will be stressing to companies the longer term and the potential of the Philippines. So, yes, caution is there but what we have to look at is the longer term and how we can move forward with positive developments.”

Nelson also welcomed the issuance of the Executive Order No. 113 by President Ferdinand Marcos Jr. and recognized it as a “timely” intervention given the global economic uncertainties and signals the Philippines to remain an “investment-ready” destination in the region. 

He noted previously that, “I think the Philippines needs to keep looking at that list, and see whatever opportunities there are… The more that can be done, this gets more foreign investments. In that context, we would know that the UK is obviously looking at things like renewable energy…And we have continued interest in the Philippines in terms of, obviously, consumer goods, particularly food and other similar products. So, yes, [there is] progress, but we want to see [that] continuing and further liberalisation and business improvements and key legislation acts to be passed.” 

The UK-Philippine trade marked an 8.9% increase in the four quarters to the end of Q3 2025 at £3.2 billion.

The British Chamber also previously expressed support for the Philippines’ formal application to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to which the UK is already a Member. Nelson also welcomes further diversification of the country's trade partners, given the volatility of the global market.

This may also be further leveraged with the Association of Southeast Asian Nations (ASEAN) Chairship of the Philippines, identifying opportunities in energy cooperation, renewables, digitalization and increased market access. 

Disclaimer: This is externally supplied material from a third party and is not a product of reporting or editorial work by the Philstar.com newsroom.