British Chamber seeks increase in foreign ownership, FDIs
(As released) In an interview with ANC’s Mimi Ong, British Chamber of Commerce Philippines’ Executive Director and Trustee Chris Nelson shared that making the Philippines an investment destination remains to be one of the Chamber’s goals. This includes a further boost in foreign ownership as well as foreign direct investments (FDIs).
With the year of opportunities, the British Chamber has crossed out two items on its wishlist:
- Extension of lowered tariff rates in the next years for meat products
- Ratification of the Regional Comprehensive Economic Partnership, or RCEP.
The Chamber supports the Congress looking into the economic provisions of the constitution. Liberalising economic provisions will support the ease of doing business in the Philippines and would further attract foreign investments.
There is also a growth in trade relations. Specifically, UK-PH trade reached over 2.1 billion pounds. British pork exports to the Philippines have also increased by 34%. Its high demand was seen from around 25,299 tonnes in 2021 to 33,861 tonnes in 2022.
In addition, a strong relationship between the UK and the Philippines will be seen in the Great British Festival — signifying the 77th Diplomatic Relations this year. On March 25 and 26, UK companies and brands will be showcased in BGC, Taguig. Some include Shell, HSBC, CyberQ and local entrepreneurs: Yummy Organics (which carries British brands like The Berry Company, Clipper, Teapigs and Tayto’s REAL crisps) and One World Butchers (which will serve British pork).
Further, Nelson will meet British Ambassador to the Philippines Laure Beaufils and His Majesty's Trade Commissioner for Asia Pacific Natalie Black on March 3 (Friday). They will discuss the British business community and the country’s trade and investment opportunities. — As released
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