The British Chamber of Commerce Philippines (BCCP) as represented by Executive Director/Trustee Chris Nelson met with the Department of Finance (DOF) Secretary Ralph Recto ahead of the Philippine Economic Briefing in London on October 31, 2024, to discuss economic reforms and investment opportunities.
The briefing aims to provide updates on the Philippines’ macroeconomic landscape, regulatory updates, economic reforms and investment opportunities. The current total of trade in goods and services between the UK and the Philippines stands at £2.7 billion, reinforcing the growing trade and investment relations in significant areas including infrastructure, cybersecurity, renewable energy, and agriculture. Participating agencies include the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), Department of Finance, Bangko Sentral ng Pilipinas, Department of Budget and Management, National Economic and Development Authority, Department of Trade and Industry, and the Department of Energy.
The British Chamber discussed and thanked Secretary Recto on the recent passage of the Anti-Agricultural Economic Sabotage Law, mandating the creation of the Anti-Agricultural Economic Sabotage Council chaired by the President of which the Department of Finance is a member of, along with other agencies such as the Department of Agriculture, the Department of Justice and the Department of Trade and Industry, among others. The discussion also centered on lowering inflation, the importance of ensuring food supply in the country, and lowered tariffs on agricultural products.
The British Chamber also discussed the recently signed Anti-Financial Account Scamming Law and the desire to pass the Cybersecurity Act and the E-Governance Act into law, which are also tagged as priority bills by the President Marcos administration. The UK as a global financial and cybersecurity hub can offer innovative solutions and best practices in terms of the Philippine government’s priority towards digitalization and strengthening its cybersecurity infrastructure that leverages partnership between the UK and the Philippines and its competitiveness in the region.
The discussion further noted the importance of lowered tariffs on food imports and expressed appreciation for the growing British pork exports in the Philippines. The British Chamber has consistently worked with the UK Agriculture and Horticulture Development Board (AHDB) and supported the extension of lowered tariffs on agricultural commodities including pork until 2028. AHDB has reported a 26% increase in pork exports in the first seven months of 2024 amounting to a value of over £21.8 million. The lifting of the temporary ban on UK beef is also seen as a significant move towards further promoting British meat in the Philippines and has recorded a value amounting over £2 million in the same period. This reinforces the significance of ensuring the stability of food supply, easing inflationary pressures, and reduced tariffs on rice, pork, and other agricultural commodities.