As represented by Executive Director/Trustee Chris Nelson, the British Chamber of Commerce Philippines (BCCP) proudly joined the Philippine Economic Briefing (PEB) in London 2024 on Oct. 31 2024, with the theme: ‘PH On-the-Go: Fast-Tracking Economic Progress,’ led by the Department of Finance Secretary Ralph G. Recto alongside the Philippine economic team.
The delegation includes the Department of Finance, Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), Bangko Sentral ng Pilipinas, Department of Budget and Management, National Economic and Development Authority, Department of Trade and Industry, and the Department of Energy. The event highlighted presentation and panel discussions joined by some of the largest British multinational corporations including Pru Life UK and HSBC, focusing on macroeconomic updates on interest rates, inflation, and overall economic performance.
DOF Secretary Recto emphasized the ever-growing relations of the UK and the Philippines in various sectors including tourism, healthcare, manufacturing, and overall foreign direct investments inflows with a total of GBP 585.74 million as of July 2024, making the UK as the number one source of foreign direct investment inflows.
Secretary Recto further noted that, “Clearly, our mutually beneficial partnership has played an indispensable role in the Philippines’ growth story…If you are looking for a place to grow your business and make more money, I’d say: Choose the Philippines. Make it happen in the Philippines. Because there is no other country in the world, at this moment, that holds so much potential to boost your investments.”
With a slight uptick in October 2024 at 2.3 percent, inflation is forecasted to stay within the target range of 2-4 percent in the next two years, creating a more favorable environment for businesses. Secretary Recto also noted that, “With our favorable domestic inflation outlook, our Central Bank was the first in ASEAN to start its monetary policy easing…And more rate cuts are expected in the coming months.” Similarly, the National Economic and Development Authority (NEDA) noted in a statement that the recent weather disturbances remain a challenge in ensuring food supply in the country.
To assist in inflation and food security, the British Chamber has worked closely with the UK Agriculture and Horticulture Development Board (AHDB) in promoting UK pork and beef exports, taking advantage of the extension of the lowered tariff rates for agricultural products until 2028 and the lifting of the temporary ban on beef. The British Chamber has also supported the Anti-Agricultural Economic Sabotage Act to help protect the country’s local agricultural sector and safeguard legitimate importers.
The British Chamber recognizes the importance of the annual briefing in reinforcing the growing bilateral trade, diplomatic, and cultural relations of the two countries. This will also leverage investment opportunities and expand the British business community to become more regionally competitive along with its Southeast Asian countries.