3 weeks ago
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Philstar.com
February 22, 2025 | 5:16pm
From Left: Deputy Director General for Finance and Administration Maria Veronica F. Magsino, Deputy Director General for Operations Vivian Santos, Executive Chairman Chris Nelson, Director General Tereso O. Panga, OIC Deputy Director General for Policy and Planning Anidelle Joy M. Alguso, and Research and Project Officer Mikaela Josef.
Photo released
The British Chamber of Commerce Philippines (BCCP), during its courtesy visit on Wednesday to the Philippine Economic Zone Authority (PEZA) discussed the growing British companies in the ecozone and outlined its plan to host an investment mission to the UK in June 2025.
BCCP Executive Chairman Chris Nelson met with Director General Tereso O. Panga, OIC Deputy Director General for Policy and Planning Anidelle Joy M. Alguso, Deputy Director General for Finance and Administration Maria Veronica F. Magsino, and Deputy Director General for Operations Vivian Santos.
In its recent report, PEZA successfully secured a total of P30.156 billion in investments, reaching a significant increase of 1,263% from the same period last year, further identifying the UK as its emerging leading investor for January.
PEZA has yet to announce further details to the upcoming mission to the UK in 2025 but remains optimistic to meet British investors and further leverage the Philippines as an investment destination in the region.
It has also expressed interest in working closely with the British Chamber to represent the growing British business community across the Philippines.
Additionally, both continuously support economic liberalization, particularly through the passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, that could assist in positioning the Philippines as a prime destination for British companies.
With the UK as its emerging leading investor, key industries open up more opportunities for British companies such as hotels and restaurants, transport equipment, apparel, software development, renting of machinery and equipment, rubber and plastic products and electricity, gas, steam and hot water supply.
In its recent report, PEZA identified a total of 89 British Registered Business Enterprises (RBEs) with a total of cumulative investments valued at P34.036 billion from 1995-2024.
This has also generated a significant employment figure of 72,391 jobs in the same period of 1995-2024 while exports in 2024 reached a value of $1.707 billion.
Furthermore, ongoing discussion on the establishment of Joint Economic and Trade Committee (JETCO) in the Philippines as well as the country’s interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) underscore the strengthening trade and investment between the UK and the Philippines.
