AN investment mission to the United Kingdom aimed to draw more interest in business opportunities in the Philippines has been proposed for June, the Philippine Economic Zone Authority (PEZA) said in a statement on Tuesday.
The mission is in partnership with the British Chamber of Commerce of the Philippines (BCCP), which reaffirmed its commitment to fostering stronger trade and investment relations between the UK and Philippines.
PEZA has yet to furnish the exact date of the mission and the list of business leaders joining the delegation. In the meantime, BCCP executive director Chris Nelson said the organization continues to work closely with PEZA on various investment-attraction programs.
He said the approval of Republic Act (RA) 12066, or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) has drawn attention in the British business community in the Philippines.Signed by President Ferdinand Marcos Jr. in November 2024, the Create More law seeks to improve ease of doing business in the country, increase the competitiveness of tax incentives, strengthen governance and accountability, and clarify value-added tax rules and transitory for pre-Create Registered Business Enterprises (RBEs).
There are 64 PEZA-registered British businesses operating in the Philippines, which has contributed over P45 billion in investments and generated more than 70,000 jobs nationwide.
Nelson said more British companies are exploring opportunities in the manufacturing, technology, and renewable energy sectors.In a media briefing in December 2024, he said investors are looking for clear and consistent policies in foreign investments that align with the Philippines’ growth objectives.Among the BCCP’s agenda this year are strengthening the Philippines’ digital infrastructure and improving governance systems. Among the key measures the independent organization hopes Congress will pass are the Cybersecurity Act, E-Governance Act, and the Konektadong Pinoy Act which are expected to modernize the Philippines’ digital landscape and improve connectivity.”The British Chamber will remain at the forefront of supporting key legislation to continue opening up the economy while promoting multiple areas of cooperation,” Nelson said. “This aligns with our goal in further increasing the UK-PH trade and the overall drive to boost its competitiveness in Southeast Asia.”
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