Having consistently supported it for more than a year, the British Chamber of Commerce Philippines (BCCP) has welcomed the signing of the Anti-Agricultural Economic Sabotage Act, one of its priority measures to protect the Philippine agriculture sector and legitimate importers while ensuring the food supply and continuously reducing inflation.
In his TV interview, British Chamber of Commerce Philippines Executive Director/Trustee Chris Nelson noted that it will significantly “help legitimate importers and exporters and at the same time the local farmer in the country.
Nelson said the signing of the law will protect the Philippine market and consumers because they will be dealing with legitimate goods and this will also greatly impact the illicit trade.
“We have done particularly well with food supply from the UK on British exports, with sustainable practices and quality controls that support the local sector and the Philippine economy, he added.
The inflation rate reached a four-year low in September at 1.9%, allowing the Bangko Sentral ng Pilipinas (BSP) to cut interest rates in August at 6.25% and more recently, further reducing by 25 basis points at 6%, taking effect on October 17. National Economic Development Authority Secretary Arsenio Balisacan noted that the continued slowdown in inflation is expected to boost consumer confidence, driving higher spending and consumption and fueling business expansion.
On a similar note, the British Chamber has also supported the extension of lowered tariffs for agricultural commodities including pork until 2028 under Executive Order No. 62. It has also closely worked with the Agriculture and Horticulture Development Board (AHDB) recently hosting the Philippine-British Meat Trade Briefing & Reception on July 30, 2024 with key officials from the Philippine Department of Agriculture and the Bureau of Customs as well as representatives from the local meat importers.
The Philippines remained to be the 2nd largest British pork export market in Asia next to China, with an increase in pork volume valued at £21.8 million and beef valued at £2.2 million from January to July 2024. Recently, the Department of Agriculture has lifted the temporary ban on beef from the UK, citing “the official report of the United Kingdom in the World Organisation for Animal Health (WOAH) that the case has ended with resolved status and no additional outbreaks after 07 August 2024.”
The lifting of the ban supports the Chamber’s advocacy on food supply and inflation to further support the local agricultural sector while reinforcing the recent signing of the Anti-Agricultural Economic Sabotage Act to safeguard the local market economy.