The British Chamber of Commerce Philippines (BCCP) recently visited the Philippine Embassy in London to explore trade and investment opportunities for British businesses. This meeting underscored the dynamic bilateral trade between the UK and the Philippines, spanning various sectors including agriculture, tourism, infrastructure, technology, and cybersecurity.
Chris Nelson, BCCP Executive Director and Trustee, presented the Chamber's key objectives and initiatives for 2024 to Bea Martinez, Third Secretary and Vice Consul at the Philippine Embassy, and Kristine Nobleza of the Philippine Trade and Investment Centre London.
A significant focus of the discussion was the Chamber's support for the Anti-Red Tape Authority (ARTA) and other government agencies to enhance the ease of doing business in the Philippines. This initiative is crucial for over 300 member companies represented by the Chamber in the country.
On May 10, 2024, the British Chamber formalized its commitment by signing a Memorandum of Understanding (MOU) with ARTA. This agreement aims to tackle bureaucratic hurdles and foster a favorable business environment for both British and local enterprises in the Philippines. "This collaboration strengthens the efforts of ARTA and the British Chamber in removing economic barriers," Nelson emphasized.
The Chamber also voiced its support for key legislative priorities under President Marcos' administration, including the Anti-Agricultural Economic Sabotage Act, Cybersecurity Act, and Anti-Financial Account Scamming Act. Nelson highlighted the importance of the agricultural industry and the potential impact of the Anti-Agricultural Economic Sabotage Act in addressing inflation and food security issues caused by challenges like El Niño and African Swine Fever (ASF).
The Chamber also advocates for the full implementation of Executive Order No. 50, which extends lowered tariffs on pork and other agricultural products. Furthermore, Nelson identified the UK as a global leader in cybersecurity and emphasized opportunities for collaboration to bolster the Philippines' digital infrastructure.
“Cybersecurity is a critical issue, particularly for the financial sector and beyond. We strongly support the passage of these key pieces of legislation to enhance awareness and protection in this area,” Nelson stated.
The British Chamber remains a steadfast promoter of UK-Philippine trade and collaborates closely with the Philippine government. The Chamber is optimistic that the current trade value of £2.8 billion in goods and services will continue to rise, aligning with the Philippines' goal of achieving upper-middle-income status by 2025 and enhancing its appeal as a prime investment destination in the region.
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