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Implementation of economic reforms in Phl to bring in more foreign investors

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The British Chamber of Commerce Philippines hosted its Trade & Connect webinar titled, Forecasting 2024: UK-PH Economic Perspectives on January 30, 2024. This monthly series is an initiative of the British Chamber to provide an outlook of the economic landscape of the Philippines to the UK business community.

The webinar is moderated by BCCP Executive Director/Trustee Chris Nelson and featured speakers and panelists including UK Ambassador to the Philippines Laure Beaufils, Director General of the Anti-Red Tape Authority Ernesto Perez, Undersecretary Allan Gepty from the International Trade Policy Group of the Department of Trade and Industry and Jonathan Ravelas, Senior Adviser at Reyes Tacandong & Co.

Meanwhile, House Speaker Ferdinand Martin G. Romualdez who also participated in the webinar noted in his video message that the Philippines will remain on the top of the mind as an investment destination in the region and showcased the country’s ever-growing trade relations with the UK.

“Our bilateral ties crystallized through the UK-Philippines enhanced partnership have set the stage for an era of unprecedented prosperity and collaboration. With a trade volume soaring through a record £2.6 billion and strategic investments like DIAGEO’s £223 million pound acquisition, our partnership is a testament to the boundless potential that awaits in our economic landscape,” Romualdez said.

For his part, DTI Undersecretary Allan B. Gepty along with other speakers highlighted the ongoing reforms and priorities in the Philippines and emphasized the success of the ratification of the Regional Comprehensive Economic Partnership last year.

“We want to encourage more investments, even not RCEP parties to take advantage of this said agreement. That’s why UK companies & European companies can come here to the Philippines, invest and access our domestic market, and at the same time, expand the market in the region. We thank the support of the British Chamber of Commerce Philippines in advocating and calling our executive and legislative branches to ensure our participation in this very important FTA,” Usec. Gepty further noted.

The British Chamber of Commerce Philippines consistently advocated for the ratification of RCEP in 2023. To continue this momentum, its advocacies remain focused on representing and further strengthening the presence of the UK business community through increased collaboration with other government agencies as well as with the private sector.

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