The British Chamber of Commerce Philippines (BCCP) highlighted the present opportunities for UK companies in the Philippines, noting its significant development in terms of regulations, ease of doing business, trade agreements, and an overall conducive business environment.
In an interview, BCCP Executive Director/Trustee Chris Nelson noted that, “I would say there has been significant developments both at the end of the Duterte administration and continuing under the current administration of President Marcos…We are seeing further ways of boosting investor outlook and confidence…” Nelson cited the support of the British Chamber on the passage of the Retail Trade Liberalisation Act, Foreign Investment Act, and Public Service Act in 2022.
Nelson further noted that, “Legislation is important. What I have to stress is the Philippines is competing with other markets in Southeast Asia and therefore, we need to keep on driving that liberalization, communicating it well, and highlighting those opportunities particularly, with a talented workforce and a developing market.” The British Chamber extended its support to the recently signed Anti-Financial Account Scamming Act (AFASA) to increase protection on the financial industry, improving foreign investors confidence in the Philippines.
Alongside this support is its advocacy on food security and the passage of the Anti-Agricultural Economic Sabotage Act to address the challenge on smuggling, profiteering, hoarding and cartel affecting fair prices in the market and food inflation–marking both countries’ rich agricultural sector, particularly in pork.
“The UK has developed close ties with the Philippines. In terms of overall trade, it is now up to a record high of £2.7 billion and that is a reflection of the fact that the Philippines is very receptive towards the UK products and well-known goods and services. At the same time, there’s opportunity for Philippine goods, particularly agricultural products and so forth in the UK. The question is to continue to develop those ties to make both sides–whether it’s UK companies or their Philippine counterparts, aware of those trading opportunities,” Nelson added.
The British Chamber works closely with the British Embassy Manila, Philippine Embassy in the United Kingdom, the Department for Business and Trade, the Philippine government, the private sector across multiple industries, and other relevant key stakeholders to further reinforce the country as a premier investment destination in the Southeast Asian region, with Nelson noting that, “It’s more fun in the Philippines and more opportunities…”