The UK, having recorded as the fastest growing economy in the first quarter of 2025 at 0.7%, making it the fastest among the G7.
BCCP Executive Vice Chair Chris Nelson noted that the UK is leveraging its growth momentum through its new Industrial Strategy, providing support to British businesses and increasing its competitiveness in areas such as Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, Professional and Business Services.
Nelson said that, ‘I have been in discussions with Martin Kent, the UK Trade Commissioner for Asia-Pacific. He mentioned that UK trade growth in the APAC area is growing strongly.’
He added that the target sectors identified in industrial energy are also the areas that are of interest to the Philippines and have existing assistance and partnerships with the UK.
‘I think what the UK government has looked at, particularly with its industrial strategy plan, is to focus on key sector areas-in particular, things like renewable energy. There’s a lot of support from the UK in this area, and they’ll be looking at those opportunities,’ Nelson said.
The UK and the Philippines have entered into a Joint Economic and Trade Committee (JETCO), which would address market access issues and reinforce investment opportunities in multiple sectors such as infrastructure, agriculture, energy, economic development, life sciences, and technology.
Nelson also reiterated its support to the Philippines’ interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade group in which the UK is already a part of.
The Philippine-UK trade continues to see an upward trend in terms of total trade at £3.0 billion in the four quarters to the end of Q1 2025, with Nelson citing that the Philippines under President Ferdinand Marcos Jr. administration has placed driving trade and investment further at the forefront of its economic agenda, driven by reforms such as the recently passed RA 12252 extending the long-term lease of private lands to foreign investors from 50 years to up to 99 years and the Republic Act 12254 or the E-Governance Act – urging the release of its Implementing Rules and Regulations (IRR).
Nelson further added that, ‘Next year will be the 80th year of diplomatic relations between our two countries, and we continue to see growth in trade between the two areas. Our concern as a chamber, representing our members, is the impact on government work and legislation. We would like to see the Cybersecurity Act passed – as this is another area to which the Philippines can work together with the UK expertise.’