Amidst political and economic challenges, the British Chamber of Commerce Philippines (BCCP) echoed the sentiments of other business groups in calling for a continuation of passing measures that would improve institutions and mechanisms that help the Philippine economy to remain an attractive destination despite global and domestic headwinds.

In an interview, Nelson noted that, “Clearly, this turmoil is not a help at all. And I would put it into the context of the challenges the Philippines is facing. We still have, obviously, the Middle East conflict. There is supposed to be a ceasefire. We know that President Trump is obviously in China, and that could have a significant impact. And the Philippines is facing 7.2% inflation with the latest figures. And the growth of the GDP was down to 2.8%. And certainly the turmoil going on in the Senate won’t help in that context.”

The Chamber’s priority as a business group, he stressed, is on fast tracking the priority legislation outlined in the 20th Congress and to avoid any delays, especially in areas where there are market opportunities  such as the Cybersecurity Act, Digital Payments Act, and the Blue Economy Act. He mentioned that, “What does this do to legislation? As a business chamber, we’re constantly pushing to see legislation passed, which we think will drive up business and open up the economy. And my concern is with the Senate already, obviously, will they be occupied in other areas? And will this delay those things?”

Digital transformation is also a national and regional priority for the Philippines and the UK and can further assist, especially in areas such as digital payments, AI integration and technologies, and cybersecurity. Currently, the Philippines remains an attractive market for the UK with cybersecurity companies such as CyberQ Group and NCC Group currently operating in the country.

With trade relations at an upward trend with the UK, with  £3.2 billion in the four quarters to the end of Q4 202 in terms of total trade in goods and services, the crisis may also present opportunities for the Philippines in collaboration with the UK, such as in cybersecurity, renewable energy, offshore wind, agriculture, infrastructure, among others.

Nelson also emphasized that trade mechanisms and arrangements with the UK, such as the Joint Economic and Trade Committee (JETCO) and the Developing Countries Trading Scheme (DCTS) should also be maximized to strengthen economic cooperation and growth.

The Philippines as the ASEAN chair is also another opportunity to maximize its role in ensuring food and energy security in the region. The Chamber has also previously expressed support for the Philippines to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and to maximize the Regional Comprehensive Economic Partnership (RCEP).

See original article here.