British Chamber: Philippines' economic recovery showing momentum
(As released) The British Chamber of Commerce Philippines (BCCP) worked closely with GoNegosyo to push for granular lockdowns, shifting to a more efficient alert level system that allowed greater mobility for vaccinated people.
In 2021, the Chamber worked hard in retaining its existing members and successfully grew its network even more. The Chamber also actively supported its members to overcome the challenges of the ongoing pandemic through securing vaccines and travel assistance.
More than two years into the pandemic, the Chamber hosted over 350 webinars geared towards strengthening partnerships and collaborating with key government agencies and other business and advocacy groups.
Committed to promoting foreign trade and investments, through the Chamber’s Overseas Partner Deliver Programme, we received over 160 enquiries from UK SMEs interested in searching for business opportunities available in local key sectors such as retail, food and beverage, manufacturing, and advanced machineries.
In relation to boosting the country’s attractiveness to foreign investors, the Chamber actively pushed for the passage of amendments to the Retail Trade Liberalisation Act, Foreign Investment Act and Public Service Act.
We are confident Philippine economic prospects are good with a running growth of 4.9%. In Q3 alone, PH GDP amounted to P4.4 trillion (£65.6 billion). More importantly, in nine months, FDIs recorded a net inflow of $7.29 billion, 43.8% larger compared with a year ago and already exceeding the BSP’s forecast of $7 billion net inflow for the entire 2021. Truly positive economic recovery is seen this 2021 as the situation continues to improve with the decline of COVID positivity rates.
As we look ahead to 2022 with high hopes and optimism, we are confident economic growth will be sustained back by a stable and improved healthcare system, vaccination rollout and approval of economic reform bills.
The Chamber would like to thank its members, partners, and the media for their continued support throughout this year. — As released
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