The British Chamber of Commerce Philippines (BCCP) paid a courtesy visit to the Philippine Embassy in London to further discuss key initiatives in increasing UK-Philippine trade, noting the establishment of a new UK Labour government under the leadership of Prime Minister Keir Starmer.
BCCP Executive Director/Trustee Chris Nelson met with the Philippine Ambassador to UK Teddy Locsin Jr. and Third Secretary and Vice Consul Bea Martinez to present the British Chamber’s recent efforts in promoting the growing British business community in the Philippines, citing the upcoming Great British Festival in Oct. 19 to 20, 2024. The event presents an opportunity for UK companies to showcase their products and services to the Philippine market and reinforces the strong economic and cultural ties between the two countries.
To date, the total trade in goods and services between the UK and the Philippines reached up to £2.8 billion, making the Philippines its 59th largest trading partner. Nelson cited in an interview that, “I would like to highlight that we will have our Great British Festival on the 19th and 20th of October, coinciding with Philippine-UK Friendship Day. So, that is a very good timing. Last year, we had over 50,000 visitors, 38 participating companies, and clearly working closely with the British Embassy, with the business and trade section. We anticipate that growing even more.”
The optimistic outlook on UK-Philippine trade under the Labour government is also noted by Nelson, citing the four business priorities outlined by Secretary of State for Business and Trade Jonathan Reynolds such as: pursuing a mission-driven industrial strategy; supporting SMEs; championing UK exports and resetting trade relations; and making work pay.
Nelson further noted that, “We now have a new Secretary of Business and Trade, and he wants to champion UK exports, and with particularly, strong support to SMEs. In terms of FDI, we’ve got to, obviously as we’ve emphasized before in our discussions, we’re competing with other areas across Southeast Asia. So, we need to keep focusing on further opening up the economy.”
The upcoming Great British Festival celebrates the growing diplomatic, economic, and cultural relations of the UK and the Philippines. This event also features opportunities for UK exporters, particularly SMEs, to explore the Philippine market and establish valuable connections with its local counterparts, thereby echoing the Philippine administration’s goal in promoting an investment-led growth in the country.
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