Ministers from the United Kingdom and the Philippines met in London on Monday, 17 March, for the inaugural meeting of the Joint Economic and Trade Committee (JETCO), marking a significant step in strengthening bilateral trade relations.
As one of the fastest-growing economies in Asia and the second-largest population in Southeast Asia, the Philippines presents vast opportunities for British businesses. The JETCO seeks to deepen the trade relationship, which is currently valued at £2.8 billion annually.
During the meeting, UK Minister for Trade Policy and Economic Security, Douglas Alexander, and Philippine Undersecretary of the Department of Trade and Industry, Allan B. Gepty, agreed to pursue closer collaboration across various sectors, including infrastructure, renewable energy, agriculture, and technology.
A key highlight of the talks was the commitment to advancing a government-to-government Financing Framework Partnership. This partnership could unlock up to £5 billion in potential financing from UK Export Finance (UKEF) to support sustainable public infrastructure projects in the Philippines and enhance access to UK expertise and technology.
Minister Douglas Alexander remarked: “Today’s talks represent a significant new chapter in our trade relationship with the Philippines, one of Asia’s most dynamic economies. Strengthening our trade ties with partners like the Philippines is crucial to the UK’s strategy for economic growth in Asia, and I look forward to working together to create new opportunities that will benefit both nations.”
Agriculture remains a key area of bilateral trade, with the Philippines being the fourth-largest export market for UK pork after the EU, US, and China. Ministers highlighted the growing investment opportunities for UK agricultural companies in the Philippines, particularly following the recent lifting of bans on UK beef and poultry exports, which are expected to generate £80 million in trade over the next five years.
The UK’s Department for International Trade has welcomed these developments as part of the government’s broader Plan for Change, aimed at fostering economic growth.
The International Meat Trade Association (MTA) also expressed support for the JETCO, with a statement saying: “We welcome the first JETCO meeting between the UK and the Philippines, as it will further strengthen our trade relations. The recent lifting of bans on UK poultry and beef is a positive step, and we are optimistic that the trade partnership between our countries will continue to grow.”
Offshore renewable energy was another significant topic of discussion. In 2024, the UK became the largest single investor in the Philippines, with renewable energy projects being a key driver of investment. The removal of foreign equity restrictions on renewable energy companies in 2022 has opened up new opportunities for UK businesses in the sector.
The meeting also highlighted the growing digital and tech trade between the two nations. The UK reiterated its commitment to supporting the Philippines in its economic development, including the upcoming launch of an Export Handbook aimed at Philippine businesses in the processed agrifood and fish sectors.
The Joint Economic and Trade Committee (JETCO) was established to foster deeper economic ties between the UK and the Philippines, promoting collaboration across various industries and enhancing trade and investment opportunities.
