The British Chamber of Commerce of the Philippines (BCCP) expects the Developing Countries Trading Scheme (DCTS) launched last June 19 would boost Philippine agriculture exports to the United Kingdom while increasing investments from UK in renewable energy, digitalization and food and beverage.
Chris Nelson, BCCP chairman, told a television interview the DCTS reduced tariffs on an additional 150 items under the DCTS.
Nelson cited the concession obtained by the Philippines on tuna whose tariff will be waived from the current 20 percent.
“We anticipate that will be a boost along with other agricultural products,” Nelson said, adding bilateral trade between the UK and the Philippines last year reached a record of 2.4 billion pounds.
He also said the Philippine roadshow to London last week will open up opportunities for investments in wind and tidal, food and beverage and digitalization.
“We’re very optimistic…we’re looking forward to seeing DCTS further boost that along with… investments from the UK,” Nelson added.
But Nelson said British businesses want to see further liberalization of the economy.
He did not cite specific sectors but said the passage of the amendments to the Retail Trade Liberalization Act, the Foreign Investments Act and the Public Service Act is sending positive signals.
Nelson added for the Philippines to be become an investment hub, government should also improve further the ease of doing business in the country. – Irma Isip
