British Chamber supports UK-Philippines joint economic, trade committee

(From Left: DTI Undersecretary Atty. Allan Gepty, BCCP Executive Director/Trustee Chris Nelson, His Majesty’s Ambassador to the Republic of the Philippines and the Republic of Palau Laure Beaufils, Secretary Ma. Cristina Roque, ACG Founder and CEO Mon Abrea, PNB Economist and Research Division Head, First Vice President Alvin Arogo, DBM Undersecretary Joselito R. Basilio)

The British Chamber of Commerce (BCCP), organized in support of Colliers as its venue partner and Manila Bulletin as a media partner,  successfully hosted the “Forecasting 2025: UK-PH Economic Perspectives.”  The event highlighted the continuously reinforced partnership between the United Kingdom and the Philippines, particularly, through the UK-Philippines UK-Philippines Joint Economic and Trade Committee (JETCO) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

British Ambassador to the Philippines Laure Beaufils emphasized the UK’s stark commitment to enhancing its relationship with the Philippines. Stating in her opening remarks that, “As so it is across the whole of our agenda, not just in growth that we have so much in common and so much common ambition. But in the space of trade and investment, there is no doubt that 2025 will bring opportunities.”Adding her upcoming meeting with the Indo-Pacific Minister Catherine West in London for a strategic dialogue, she expounds on the robust breadth and depth of both countries’ relationship, especially with the total trade reaching £2.9 billion in 2024, reflecting a 15 percent increase from 2022. Consequently, “...UK emerged as the leading source of foreign direct investment (FDI) in the Philippines, contributing £9.3 billion, accounting for 52.5 percent of total equity placements,” she stated.

Key growth includes renewable energy, green infrastructure, financial services, and digital innovation. Moreover, the event highlighted the UK’s Developing Countries Trading Scheme (DCTS), which grants the Philippines tariff-free access for 92 percent of product lines, reinforcing trade ties. The Ambassador also announced the upcoming UK-Southeast Asia Tech Week in Manila, aimed at fostering collaboration, workshops, and business-matching sessions.

Following the Ambassador’s opening remarks, the Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque outlined the Philippine government’s evolving efforts to attract more foreign investment through Vision 2025. She added that the Philippines maintains a steadfast dedication to positioning the Philippines  as a prime investment destination through the sustenance of strong economic fundamentals and investor-friendly policies; thereby cementing the country’s potential for sustained growth. Furthermore, she cited the CREATE MORE Act and the revised PPP code were pivotal in streamlining business operations and enhancing investor confidence.

Succedingly, Undersecretary Joselito Basilio from the Department of Budget and Management, discussed the reinforced digitalization agenda of the government, including the implementation of the E-Government Act and the allocation of the ₱68.9 billion for ICT projects. “We are advancing digital transformation to improve efficiency, transparency, and ease of doing business,” he noted. Pivoting towards the financial trends and economic forecast, PNB Vice President Alvin Arogo provided insights and explained that while lower interest rates will ease borrowing costs, it is also imperative to remain mindful of inflationary pressures and exchange rate fluctuations.

Meanwhile, as part of the panel discussions, BCCP Executive Director/Trustee Chris Nelson asked the progress of the possibility of a UK-PH Joint Economic and Trade Committee (JETCO), to which Ambassador Beaufils reaffirmed that the initial talks are set to launch in the first quarter of 2025. This will serve as a strategic platform to unlock new trade opportunities, while subsequently addressing market access barriers and facilitating deeper collaboration in key industries. The British Chamber also welcomes theUK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Philippines' greater interest in joining the trading bloc to facilitate a more competitive regional trade presence.