Biz Memos

British Chamber laud ratification of RCEP

The Philippine Star
British Chamber laud ratification of RCEP

(As released) The British Chamber of Commerce Philippines warmly welcomes the passage of Senate Resolution 485, which signifies the ratification of the Regional Comprehensive Economic Partnership.

In September 2021, the RCEP was signed by former President Rodrigo Duterte. Further, President Marcos Jr, Senate President Zubiri, and House Speaker Romualdez fully support the ratification of RCEP as it encourages more foreign investments in the Philippines.

After a series of deliberations, it was finally approved by the members of the Senate on Tuesday — February 21, 2023, which signifies the Philippines’ participation in the largest trading agreement. It will cover around 50.4% of exports and 67.3% of imports in the Philippines.

Aside from the increase in foreign direct investments, it will further boost Philippine trade and economic growth. There will be a Special Oversight Committee in RCEP to address key issues in various sectors.

Likewise, the ratification of RCEP is part of the British Chamber’s 2023 wishlist. This will help develop more UK-PH trade agreements. In fact, exports from the UK to the Philippines reached over 2.1 billion pounds in 2022. British pork exports to the Philippines have also significantly increased – from around 25,299 tonnes in 2021 to 33,861 tonnes in 2022.

As more trade and investment opportunities will foster both countries’ relations — on March 25 and 26, there will be a Great British Festival organised by the British Embassy and the British Chamber in BGC, Taguig City. Aside from high-quality British brands and live performances, the promotion of education, arts, and culture will also be seen as spearheaded by the British Council. — As released

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