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The Philippines and the United Kingdom have reiterated their commitment to strengthening economic connections by creating a plan to increase trade and investment.

In a joint statement released on Wednesday, the Department of Trade and Industry (DTI) and the British Embassy announced that they would update their Joint Action Plan on Trade, Investment, and Economic Cooperation for 2023 to 2024.

According to them, the strategy aims to strengthen economic relationships between the two nations by maximizing trade and investment opportunities, stimulating investment in high-priority industries like renewable energy and infrastructure, and fostering digitization and ease of doing business.

“This will provide specific data of the strategic partnership and associated actions to deliver on those mentioned above,” they claimed.

According to the statement, the action plan will be regularly reviewed to ensure the collaborative effort is delivered and relevant.

Regarding trade, the two parties agreed to support the Developing Nations Trading Scheme (DCTS), which will grant favorable tariffs on goods entering the UK that are originating from beneficiary nations.

Regarding investments, the UK declared that it will use the GBP8 billion British Investment Partnerships (BIP) in the nation, particularly for initiatives involving the development of sustainable infrastructure and the switch to clean energy.

“Our economic contacts will remain as stable as ever thanks to the DCTS and BIP, which are powerful frameworks. According to DTI Undersecretary Ceferino Rodolfo, the Philippines would keep collaborating with the UK government to take advantage of specific possibilities and promote additional synergies in sectors of shared interest, including trade, investment, and renewable energy.

Laure Beaufils, the British ambassador to the Philippines, emphasized the importance of maintaining the momentum of the prosperous bilateral trade between the UK and the Philippines.

In addition to British investment and economic collaboration, she noted that bilateral commerce between the UK and the Philippines is now at its greatest.

The British Embassy estimates that two-way trade between the UK and the Philippines will expand by 26% annually to GBP2.4 billion in 2022, with GBP1.2 billion in exports from the Philippines to the UK.

“We are enthusiastic about the next chapter of our economic cooperation,” Beaufils continued. “This includes our support for the promotion of ease of doing business and digitalization, as well as through our British Investment Partnerships, which will increase investments in the development of green infrastructure.”

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