The British Chamber of Commerce Philippines, represented by Executive Vice Chairman Chris Nelson, paid a courtesy visit to Teodoro Locsin Jr. to discuss key economic priorities, including food security, inflation management, and strengthening bilateral trade ties between the Philippines and the United Kingdom.
The meeting comes as inflationary pressures continue to challenge the Philippines and the broader Southeast Asian region, placing food security and supply chain resilience high on the regional agenda during the recent 48th ASEAN Summit in Cebu.
Data from the Philippine Statistics Authority showed headline inflation accelerated to 7.2 percent in April 2026 from 4.1 percent in March, bringing the year-to-date average inflation rate to 3.9 percent. Food inflation remained the primary driver of rising prices, surging to 6.1 percent in April from 2.7 percent a month earlier.
The statistics agency also reported slower declines in meat prices, with the index for meat and other parts of slaughtered land animals posting a 1.9 percent decline in April from a steeper 3.4 percent decrease in March, reflecting continuing pressure on domestic protein supply.
The British Chamber of Commerce Philippines has continued to advocate for trade facilitation measures and stronger agricultural cooperation to help stabilize food supply and ease inflationary pressures. In partnership with the Agriculture and Horticulture Development Board, the Chamber has facilitated eight trade missions since 2021 aimed at deepening UK-Philippine agricultural and food trade relations.
The Chamber also highlighted the strong performance of British pork exports to the Philippines. Nelson cited Agriculture and Horticulture Development Board data showing that UK pork exports to the Philippines rose by 20 percent to 1,135 tonnes in January 2026, reinforcing the country’s position as the United Kingdom’s second-largest pork export market in Asia after China.
The development comes as Philippine meat imports increased by 22.9 percent in the first two months of 2026 amid continued domestic demand and supply pressures. Pork imports rose by 22.36 percent, while chicken imports climbed by 27.96 percent during the same period.
Nelson earlier noted that businesses continue to monitor government action in addressing food supply concerns and inflationary risks.
“What we look for is to see actions by the government, passing of legislation,” Nelson said, citing ongoing discussions on expanding Minimum Access Volumes for pork imports to help stabilize food supply.
During the 48th ASEAN Summit, Ferdinand Marcos Jr. warned that disruptions in the Strait of Hormuz have already affected food prices and fertilizer supplies across the region, highlighting the need to strengthen intra-ASEAN trade and reinforce regional food systems.
Meanwhile, Ma. Theresa P. Lazaro identified food security and supply chain stability as immediate regional priorities, while Maria Christina A. Roque underscored the importance of supporting MSMEs amid rising costs and logistical uncertainty.