British Chamber unveils 2026 economic outlook, calls for reforms amid trade uncertainty

Philstar.com

January 24, 2026 | 6:48pm

At the onset of new Trump tariff threats that sparked tension in Davos and doubled uncertainties for European countries, the British Chamber of Commerce Philippines (BCCP) remains cautious on the global economy and investor sentiment in the country and around the world.

BCCP Executive Vice Chair Chris Nelson reiterated that the Philippines must leverage its role as ASEAN Chair in 2026 to reinforce regional economic integration as well as further liberalizing its economy through reforms. 

The global market remains on high alert as relations between the European Union and the United States remain uncertain, noting the announcement of renewed tariff threats in the region, particularly to seven European countries and the United Kingdom.

Nelson said in a recent interview that, “These fluctuations around the market, threats of tariffs, and the fact that the European Union may actually suspend its agreement with the US, will cause fluctuation in the market. We are living in a very uncertain environment, and if I bring it back specifically to how I see things, I think that countries have to plan around that.”

Nelson acknowledged the importance of the Philippines being the chair of the Association of Southeast Asian Nations (ASEAN) in 2026 and how it should take advantage of it to diversify its trading partners and promote regional economic development, given the global economic uncertainty that will fluctuate the market and may affect the regional and global supply chains.

He said that, “As being chair of ASEAN gives the Philippines an opportunity to focus on certain key areas, I think one of them is going to be digitalization, how they can improve that across in terms of also trade. It is an opportunity to push the Philippines, and reinforce it as an investment destination.”

Further citing the recent ‘big, bold’ reforms outlined by the Cabinet, Nelson also expressed support for the digitalization efforts that are also identified as a priority under its ASEAN leadership.

Some of the reforms include digitizing the audit system of the Bureau of Internal Revenue (BIR) and the national single?window trade facilitation platform of the Bureau of Customs. 

This, according to Nelson, reinforces the Chamber’s advocacy as an Anti-Red Tape Authority (ARTA) Champion that will assist in further growth of foreign direct investments (FDIs) by streamlining business processes.

He also reiterated the need to pass reforms related to digitalization and cybersecurity, including the Cybersecurity Act and Digital Payments Act.

Furthermore, Nelson also announced that the Chamber will host its Forecasting 2026: UK-PH Economic Perspectives to highlight other key discussions, such as the Philippines' interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

Interested participants may join through this link: https://britcham.org.ph/events/trade-and-connect-forecasting-2026/. 

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