British Chamber strengthens ties with Phl Embassy in London ahead of UK investment mission
BCCP Executive Chairman Chris Nelson (second from left) pays a courtesy visit to the Philippine Embassy in London and meets with (from left) DTI London Commercial Counsellor Michelle Fatima S. Sanchez, Philippine Ambassador to the UK Teddy Locsin Jr., and Second Secretary and Consul Bea Martinez to discuss upcoming economic initiatives and the June 2025 PEZA investment mission.
Photo courtesy of the BCCP
The British Chamber of Commerce Philippines (BCCP) reaffirmed its commitment to enhancing UK-Philippine economic ties during a courtesy visit to the Philippine Embassy in London, where they met with Ambassador Teddy Locsin Jr. and key trade officials. The visit, which follows the Philippine midterm elections, aims to build momentum for upcoming reforms and an investment mission to the UK hosted by the Philippine Economic Zone Authority (PEZA) this June.
BCCP Executive Chairman Chris Nelson looks forward to the 20th Congress and the passage of the priority bills, such as the Open Access in Data Transmission, E-Governance Act, and Cybersecurity Act. All of which will signal a robust regulatory framework in various sectors that will assist in the country’s economic growth.
The UK-Philippine trade currently stands at £3.0 billion, marking a 3.6% increase in the four quarters to the end of Q4 2024. In terms of foreign direct investment (FDI), the UK outward FDI reached a value of £707 million in 2023. Nelson also announced the upcoming Philippine Economic Zone Authority (PEZA) investment mission to the UK in June 2025, further reinforcing the UK as PEZA’s leading investor at the beginning of the year.
Nelson also pointed out how these engagements will also help SMEs by noting that, “We deal as you are probably aware, with a lot of SMEs who are interested in coming to the country. Their number one question always is how quickly can we set up and how can they do things. The Chamber is working very hard on that but we want to see further growth in that area. We want to see the Philippines, not only for companies coming into invest directly, as a gateway to Southeast Asia.”
From 1995-2024, PEZA reported a total number of 89 British-registered business enterprises (RBEs) operating in the Philippines, with cumulative investments amounting to ₱34.036 billion. These investments have also contributed significantly to employment, generating a total of 72,391 jobs over the same period.
PEZA Director General Tereso Panga has previously noted that, “Our exporters located in the PEZA economic zones will greatly benefit from the Developing Countries Trading Scheme (DCTS)...More tax incentives from PEZA’s end will strengthen the posture of our exporting companies focused on the UK and EU markets.”