The British Chamber of Commerce Philippines (BCCP) held a courtesy visit to the Philippine Embassy in London to discuss further developments on UK-Philippine trade and other key legislative initiatives to sustain the ever-growing trade relations between the two countries, reaching a total of £2.8 billion in total trade in goods and services to date.
BCCP Executive Director/Trustee Chris Nelson met with the Philippine Ambassador to UK Teddy Locsin Jr. and Third Secretary and Vice Consul Bea Martinez to present its current initiatives and key supported legislation in hopes of further liberalizing the Philippine economy.
In a recent interview, Nelson noted that, “In terms of legislation, the three bills that we have looked to get signed, and we think they’re being close to proclaim, that of course is the Anti-Agriculture Economic Sabotage Act, the Anti-Financial Account Scamming Act, and Cybersecurity Act. We look at, first of all, the liberalization and ownership. We support all that in terms of higher foreign equity investors.”
The British Chamber also commended the points raised during the 3rd State of the Nation Address of President Ferdinand Marcos Jr. on 22 July 2024, highlighting food security, cybersecurity, and investment-led growth in the Philippines.
“To sustain the country’s economic gains, we are promoting investment-led growth. We have set in motion policies and programs to create an environment conducive for businesses to thrive, like reforms in the capital markets, and implementation of “green lanes.”
As a designated Anti-Red Tape Authority (ARTA) Champion, the British Chamber also consistently promotes the ease of doing business initiatives and streamlining processes to establish a conducive business environment for foreign investors.
“We are constantly advocating for British companies to invest in trade and do business in the Philippines. The Philippines has great advantages and that can be backed up by legislation. Ease of doing business and the work done by ARTA is very important, this has been a constant message particularly for small to medium size companies,” Nelson further noted.
The British Chamber continues to assist UK SMEs and represent the ever-growing British business community in the country. It also aims to establish a more competitive business landscape to highlight the Philippines as a premier investment destination in the region.
