The British Chamber of Commerce Philippines (BCCP) welcomed the signing of the Philippines-UK Joint Framework that aims to expand areas of cooperation on trade and investments, defense and climate action.
The recent visit of British Foreign Minister David Lammy MP to the Philippines is a testament to the ever-growing diplomatic relations of the two countries, unlocking opportunities for bilateral growth.
The signing was led by the Philippine Department of Foreign Affairs (DFA) Secretary Enrique Manalo and UK Secretary of State for Foreign, Commonwealth and Development Affairs David Lammy.
Secretary Manalo further noted the growing trade between the two countries, citing the significance of the upcoming inaugural Joint Economic and Trade Committee (JETCO) meeting by stating that, “We are also set to launch the inaugural UK-Philippine Joint Economic Committee (JETCO) meeting in London later this March. Thereby, upgrading our Dialogue on Economic Cooperation. JETCO also aims to further develop cooperation in key areas such as infrastructure development, agriculture, and energy including renewables.”
In an interview, BCCP Executive Chairman Chris Nelson expressed optimism to the upcoming inaugural meeting which is a significant move forward to position the Philippines as a competitive investment destination in the region.
With the current total trade in goods and services between the UK and Philippines at £2.8 billion, Nelson stated that, “Overall, we are confident that the actual trade performance has been growing. The Philippines and the UK have very good relations, and we are now in our 79th year of diplomatic relations.”
Nelson further added that the JETCO meeting in March is a reflection of how the two countries are working closer.
He also raised the Philippines interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), considering the recent accession of the UK that will further assist in the present bilateral trading arrangements.
The Chamber also works closely with the Philippine Economic Zone Authority (PEZA) and has identified a total of 89 British Registered Business Enterprises (RBEs) reaching a cumulative investment of P34.036 billion from 1995-2024. Taking advantage of this momentum, the Chamber also announced that it is exploring an investment mission with PEZA in June 2025.
This further presents opportunities to the growing British business community in the Philippines across multiple sectors including cybersecurity, agriculture, technology, food and beverage, and business process outsourcing (BPO).
Policy developments in the country, according to Nelson, will significantly boost investor confidence by creating an attractive business environment through the incentives and ease of doing business initiatives.