On June 7th, the UK launched the Developing Countries Trading Scheme (DCTS) which was jointly held by Ambassador Laure Beaufils and Department of Trade and Industry (DTI) Secretary Alfredo Pascual. Nelson highlights that the DCTS will have benefits in key areas such as agricultural products. DCTS will cut tariffs, remove conditions and simplify trading rules, which has taken effect last June 19.

Nelson also highlighted the crucial work of promoting the DCTS. “We’ve only just begun. We must publicize this. We must work with our partners . . . and reinforce success stories,” said Nelson. The British Chamber remains committed to cooperating with the Philippine British Business Council, the Philippine Embassy in London, and the Department of Business & Trade in the UK to further promote the DCTS and reach more growth by the end of the year. 

2023 is also a year for more business opportunities with the amended laws that the Chamber strongly supported — RTLA, FIA, and RTLA. The current administration’s efforts continue to reinforce laws on liberalization, trade, investment, and public service such as the recent ratification of RCEP which is a great opportunity for foreign investors. In line with this, the British Chamber recently supported the International Tax Conference as led by ACG’s independent director – former DTI Secretary Ramon Lopez. The event tackled current developments and opportunities for improving tax environments in the Philippines, such as the Ease of Paying Taxes. Nelson emphasized that there is a need for secure and efficient taxation systems in the country to foster investor confidence. 

In addition, the Department of Trade and Industry (DTI) is having its Investment Roadshow in Europe to attract foreign investments in the Philippines. Led by DTI Secretary Alfredo Pascual, this roadshow will help foster strategic partnerships and explore avenues for expanding businesses like British investors. 

Further, the British Chamber will host an “A Year After: Build Better More” event that will evaluate the Pres. BongBong Marcos Jr.’s administration’s progress in liberalizing the economy and addressing its many challenges. On the other hand, there will also be an event launch of the UK’s largest gaming chair brand – BraZen Gaming Chairs through B2B meetings.

The UK-PH bilateral trade is 2.4 billion pounds, and hoping the momentum will continue this year. The Chamber will continue to support further opening up the Philippine economy while strengthening the British presence in the country.