The British Chamber of Commerce Philippines expressed its support to the recently held Philippine Economic Briefing in London on Oct. 31, 2024, joined by the economic team and led by the Department of Finance Secretary Ralph Recto.
BCCP Executive Director/Trustee Chris Nelson noted during the ANC interview that collaborative efforts with the Philippine government significantly contributes to the bilateral economic growth.
During the briefing, DOF Secretary Ralph Recto reported the UK as the number one source of foreign direct investment (FDI) inflows of the Philippines amounting to GBP 585.74 million as of July 2024, and the Philippine Economic Zone Authority (PEZA) also reported a total investments of P202.37 billion with 97 British registered business enterprises (RBEs).
Overall, the UK is the 21st trading partner of the country and contributes to other areas such as tourism, overseas remittances, infrastructure, manufacturing, and healthcare, among many others.
Nelson said that, “I think it's fair to say that growth has been modest across the world. I think this is a great success story. In the context of the UK's ties, I'd like to just congratulate Secretary Recto in his speech, where he made it very clear to come to the Philippines to invest and I think that did resonate in infrastructure, energy, and other areas of doing business.”
In September, the Philippines also welcomed Actis–a London-based company who formalized the development of the Terra Solar Project, with a total of $600 million investment in the Philippines, making it the largest solar power project.
“The UK companies are actively involved already in the renewable energy sector. Let’s not forget the largest single investment this year into the Philippines is by Actis, with $600 million dollars,” Nelson further noting the prioritization towards energy security of the Marcos administration.
The interview also noted the success of the recently held GREAT British Festival on October 19 to 20, a collaborative work of the British Embassy Manila, British Chamber of Commerce Philippines, and the British Council.
This coincided with the celebration of the 24th UK-Philippines Friendship Day and the 78th Diplomatic Relations. The festival witnessed a significant increase of participating companies totaling to over 56 businesses across different sectors such as education, automotive, food & beverage, cybersecurity and financial services.
Nelson further noted that, “We've managed to increase the number of participating companies. We got more interest, more involvement and we're looking to plan for an even larger event next year. I think this really shows a great number of Philippine companies in the UK and UK companies here. The relationship between the UK and the Philippines in my opinion, has never been stronger and we look forward to continuing growth.”
The British Chamber remains at the forefront of contributing to the Philippines economic growth through promoting more British companies to do business in the country and highlighting key areas of collaboration across many sectors such as agriculture, cybersecurity, infrastructure, and renewable energy that are also of importance to the UK.
By reaffirming these areas, it assisted the Philippines to further boost its competitiveness in becoming an investment destination in the region.