Department of Finance Secretary Ralph Recto welcomed British Chamber of Commerce Philippines (BCCP) Executive Chairman Chris Nelson in its recent courtesy visit on April 7, 2025. The visit is a testament to the growing partnership between the United Kingdom and the Philippines in multiple areas such as agriculture, digitalization, and trade and investments.
The British Chamber commends the initiatives of the Department of Finance in driving the country’s economic growth that promotes competitive fiscal policies that further attract foreign investors in the Philippines. Its bilateral trade relations with the UK reached £2.8 billion for its total trade in goods and services in the four quarters to the end of the third quarter of 2024.
Among the top exported goods from the UK is meat and meat preparations valued at £38.8 million in the four quarters to the end of the third quarter of 2024, an increase of 1.6 percent from the previous year. The Chamber has actively promoted British pork and beef exports in the Philippines and closely works with the UK Agriculture and Horticulture Development Board (AHDB) to assist on inflation and food supply, noting the challenge on African Swine Fever that continues to affect 7 regions and 13 provinces as of 28 March 2025, according to the Bureau of Animal Industry.
Executive Chairman Chris Nelson also reiterated its support for the three priority legislation, namely, E-Governance Act, Konektadong Pinoy Act and the Cybersecurity Act. The following legislation is currently under the Legislative-Executive Development Advisory Council (LEDAC). Overall, Nelson noted that this will further drive digital transformation through enhanced connectivity, efficient and secure delivery of government services, and ease of doing business through a cybersecure environment. Previously, Secretary Recto has also welcomed the support of the UK in the Philippines digitalization efforts and encouraged investments in big-ticket infrastructure projects.
Nelson noted during the meeting that, “We will support public-private partnerships, infrastructure development, and encourage more renewable energy investments. We will continue working together with our partners in the government and the private sector.”
The recently held inaugural UK-Philippines Joint Economic and Trade Committee (JETCO) meeting signaled a positive momentum on its bilateral trade, aimed to address market barriers and facilitate investments in infrastructure, renewable energy, and agriculture. Secretary Recto welcomed the upcoming Philippine Economic Zone Authority (PEZA) UK investment mission taking place on 25th-27th June 2025.