PEZA, BCCP eye stronger UK ties through June trade mission
(FILE PHOTO) British Chamber of Commerce of the Philippines president Chris Nelson believes that Trade Secretary Alfredo Pascual is fit in his position, backing the statement of Go Negosyo chairperson Joey Concepcion that Pascual can lead the Trade department in alleviating micro, small and medium enterprises, promoting public-private sector partnerships, and entice more investments to create more jobs for Filipino workforce.
Raffy Ayeng
The Philippine Economic Zone Authority (PEZA) will lead an investment mission to the United Kingdom from 25-27 June 2025, with the goal of further strengthening UK-Philippine trade relations, which currently stand at £2.8 billion.
The initiative is backed by the British Chamber of Commerce Philippines (BCCP), which expressed optimism that the mission will encourage more UK firms to invest in the Philippines. BCCP Executive Chairman Chris Nelson noted that amid global uncertainties — such as the 90-day pause on US tariffs — diversifying trade and exploring new partners like the UK remains vital.
PEZA Director General Tereso O. Panga said the agency is working to secure reduced tariff rates for key exports from the country’s economic zones.
“Coupled with recent positive developments such as the Regional Comprehensive Economic Partnership and the CREATE MORE Act, we believe these measures will mitigate the tariff impact and make the Philippines an even more attractive investment destination.” Panga said.
The announcement follows the successful conclusion of the inaugural UK-Philippines Joint Economic and Trade Committee (JETCO) meeting on 17 March 2025. The meeting focused on resolving market barriers and promoting cooperation in agriculture, energy, technology, and infrastructure.
Although there are no current talks on a free trade agreement, Nelson pointed to other mechanisms that support trade, such as the Regional Comprehensive Economic Partnership (RCEP), the UK’s Developing Countries Trading Scheme (DCTS), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the UK has joined and the Philippines is exploring.
“It takes two to three years to negotiate a free trade agreement, so there are time and resources involved. I think in the case of the UK is identifying what can be done in the shortest term possible. Let’s not forget there is the Developing Countries Trading Scheme in which over 90% goods from the Philippines to the UK are almost tariff-free,” Nelson said.
The BCCP also reaffirmed its commitment to helping British companies explore investment opportunities in the Philippines, citing the country's strategic location, robust consumer base, and competitive incentives as major draws for international investors.