PH and UK Target Stronger Economic Ties Through Inaugural JETCO

The Philippines and the United Kingdom held their inaugural Joint Economic and Trade Committee (JETCO) meeting in London on March 17, aiming to elevate their annual bilateral trade, currently valued at £2.8 billion (approximately %u20B1207.87 million).

The meeting was led by Department of Trade and Industry (DTI) Undersecretary Allan Gepty and UK Minister for Trade Policy and Economic Security Douglas Alexander. Both officials expressed a shared commitment to deepen trade ties, particularly in sectors such as infrastructure, renewable energy, agriculture, and technology.

“The Philippines is one of the fastest growing economies in Asia and has the second largest population in Southeast Asia, presenting huge opportunities for British businesses,” Alexander said, emphasizing the significance of the partnership.

The UK government reaffirmed its willingness to provide financial support and technical expertise through its Financing Framework Partnership, unlocking up to £5 billion in potential financing from UK Export Finance (UKEF) for major infrastructure projects in the Philippines.

Agriculture emerged as a key area of opportunity, with Alexander highlighting the sector’s potential following the Philippine Department of Agriculture’s lifting of the temporary ban on live cattle and meat products from the UK.

British Chamber of Commerce of the Philippines (BCCP) chairman Chris Nelson also noted that the JETCO meeting will enhance cooperation on infrastructure, agricultural development, and the expansion of tariff-free schemes for Philippine exports to the UK.

As a next step, the Philippine Economic Zone Authority (PEZA) is scheduled to conduct an investment mission to London in June 2025, further reinforcing bilateral investment ties.

DTI Undersecretary Gepty confirmed that the second JETCO meeting is planned to take place in Manila in 2026, signaling continued collaboration between the two nations to expand trade and investment opportunities.