British Chamber Concludes Midyear Economic Briefing, Showcased Philippine Trade Development

The public and private sector gathered during the British Chamber of Commerce Philippines (BCCP) Midyear Economic Briefing: Powering Growth Through Policy, Partnership, and Innovation on July 31, 2025, in partnership with AppleOne Group, HSBC, SGV and Co., Pru Life UK, and Shang Properties with Manila Standard as a media partner. 

Hosted at Dusit Thani Manila, Undersecretary for International Trade of the Department of Trade and Industry Hon. Usec. Allan Gepty and Chief Economist of the Department of Finance Hon. Usec. Domini Velasquez, delivered their insights regarding the country’s economic status. 

Usec. Gepty revealed that UK foreign direct investment to the Philippines reached USD 764 million in 2024, the highest on record, to which the Chamber has recognized as a strong indicator of deepening bilateral economic cooperation. 

He also highlighted the resilience of Philippine exports to the UK, which “showed resilience, growing 7.8% to USD 546.5M, marking the highest level since 2022’s peak of USD 544.9M.” Over five years, Philippine exports to the UK expanded by 35%, demonstrating the growing competitiveness of Filipino products in British markets despite total bilateral trade decreasing slightly from USD 1.34B in 2023 to USD 1.21B in 2024.

While Chief Economist Velasquez, showed that the Philippines is experiencing gradual FDI recovery amid improving investor sentiment across the region. The country now hosts 97 British companies operating across business process outsourcing, aerospace, renewable energy, and textiles, with solar investments alone worth USD 612.5 million.

Moreover, the British Chamber sees significant opportunities through three key frameworks accelerating growth between the countries. The Joint Economic and Trade Committee (JETCO) secured access to USD 6.3 billion through UK Export Finance for infrastructure, renewable energy, and digital projects. The Developing Countries Trading Scheme (DCTS) provides duty-free access for 99% of Philippine exports, saving exporters USD 26.7 million annually. Meanwhile, the Philippines plans to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a USD 13.6 trillion trade bloc that includes the UK.

In line with this, the Philippines recorded 5.4% GDP growth in the first quarter of 2025, with inflation dropping to 1.4% in June. The government is also implementing business-friendly reforms including the E-Governance Act and extended foreign investment lease terms, creating an environment conducive to continued foreign investment expansion in general.

Gepty further said that, “Partnerships with major business organizations such as this, facilitate dialogue  between government negotiators and industry leaders.  But what is important to stress is that in all these agendas, there is no question that a rules-based, sustainable, and innovation-driven trading system is shared by our trading partners with a single agenda – uplifting trade through stabilized policies and good governance.”

The country’s economic zone such as the Philippine Economic Zone Authority (PEZA) present investment opportunities through fiscal and non-fiscal incentives as highlighted during the Philippine-British Investment Forum in London. As of December 2024, PEZA reported a total of 64 British locator companies with a cumulative investment of Php 34.036 billion since 1995-2024. BCCP Executive Vice Chair Chris Nelson further concluded that, “Moving forward, we need to be regionally competitive. In that respect, they have to look at export promotion, strengthening industrial infrastructure and attracting more foreign direct investments. We need to narrow investment gaps, focusing on human capital and leveraging technology.”

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