British Chamber looks forward to the new Congress, passing key legislation and further liberalization of economy

The British Chamber of Commerce Philippines (BCCP) looks forward to the newly-elected Senate officials and the 20th Congress to prioritize further economic liberalization to assist in driving the country’s economic growth. 

BCCP Executive Chairman Chris Nelson noted several macroeconomic factors that could affect the Philippines’ economic trajectory.

The Philippine Statistics Authority (PSA) reported that the economy grew at 5.4%, a relatively slower growth rate compared to the government’s target of 6-8%.

Despite this, Nelson reiterated that this has been brought about by global uncertainties related to Trump’s tariffs and that the Philippines has remained the 2nd fastest growing economy in Southeast Asia. 

Meanwhile, the Department of Economy, Planning and Development (DEPDev) Undersecretary Rosemarie Edillon similarly noted that, “So while this pace falls short of our initial expectations, it reflects developments from the broader global context of temperate economic activity amid persistent uncertainties.”

Nelson also recognized the downward trend on inflation at 1.4% in April 2025, marking the lowest inflation rate since November 2019.

Food inflation also marked a downward trend at 0.7%, with lower inflation rates on meat and other parts of slaughtered land animals at 7.7%.

The British Chamber has actively worked on promoting British pork exports together with the UK Agriculture and Horticulture Development Board (AHDB), the Philippine Department of Agriculture, and the Department for Business and Trade, among others, to further assist on inflation and managing food security. 

Nelson mentioned that regardless of the election results, the investors will continue to look for further economic liberalization and ease of doing business initiatives alongside other macroeconomic factors.

“I think that gives room and opportunity for the Bangko Sentral (ng Pilipinas) to further cut interest rates regardless of what the US Federal Reserve Bank does. I think that is a great opportunity, so yes, we would have liked to have seen it close to 6% growth. But with the opportunity on inflation and interest rates, that could drive further economic growth in the subsequent quarters,” Nelson said. 

The UK-Philippine trade currently stands at £3.0 billion in the four quarters to the end of Q4 2024 and is expected to be further driven by the recent engagement through the establishment of the Joint Economic and Trade Committee (JETCO) that aims to address market barriers and increase potential in multiple sectors such as technology, agriculture, infrastructure and renewable energy.