BCCP Executive Vice Chair Chris Nelson cited recent macroeconomic indicators, noting that Philippine GDP growth has eased to 2.8%, inflation rose to 7.2% in April 2026, and the Bangko Sentral ng Pilipinas (Bangko Sentral ng Pilipinas) has raised its policy rate to 4.5%. He said both domestic and global headwinds continue to pressure the economy.

“Certainly, the developments in the Senate will not help in that context. The key question is what this means for legislation. As a business chamber, we continue to push for the passage of reforms that can drive investment and further open up the economy,” Nelson said.

Nelson welcomed progress on key priority measures, including the Cybersecurity Act, Digital Payments Act, and Blue Economy Act, which have advanced in both chambers of Congress. He stressed that these reforms are critical to strengthening digital infrastructure, improving ease of doing business, and building a more structured framework for marine and coastal economic development.

He added that these sectors could further deepen UK-Philippines economic ties, particularly in emerging areas such as artificial intelligence, digital systems, cybersecurity, and blue finance. This includes opportunities linked to the United Kingdom’s £500 million Blue Planet Fund, alongside capacity-building initiatives led by British cybersecurity firms such as CyberQ Group and NCC Group.

Bilateral trade between the UK and the Philippines reached £3.2 billion in goods and services over the four quarters to Q4 2025, marking a 4.7% increase, underscoring continued optimism in the economic partnership.

The Chamber also highlighted the importance of existing and emerging trade frameworks, including the Regional Comprehensive Economic Partnership (RCEP), the UK-Philippines Joint Economic Committee (JETCO), the Developing Countries Trading Scheme (DCTS), and the Philippines’ interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These mechanisms, it said, are vital for expanding market access, reducing tariffs, and diversifying trade flows.