(Manila, 20th) UK Trade Envoy to the Philippines George Freeman stated on Friday that the UK hopes to double its bilateral trade volume with the Philippines from the current £3 billion within the next three to four years, while seeking deeper cooperation in multiple strategic sectors.
During a media roundtable held in Makati City, he pointed out that the UK is actively seeking strategic projects and partners with development potential, covering key areas such as cybersecurity, health technology, clinical trials, and vaccines.
"I believe the purely transactional model of trade and investment is changing. In this increasingly dangerous world, we need to deepen partnerships," he said.
The UK also sees significant growth potential in several Philippine export products, including bananas, coconut products, dried fruits, and artisanal fashion goods.
"There are a few areas I am especially interested in, but through strategic partnerships, we expect to greatly increase this £3 billion figure. I hope to achieve significant growth in the next three to four years," he said.
In 2024, the total value of UK-Philippine goods and services trade reached £3 billion, an increase of 3.6% or £104 million from 2023. UK exports to the Philippines amounted to £1.2 billion, while imports stood at £1.8 billion, the latter marking an 8.6% increase compared to the previous year.
According to the latest data from the UK Department for Business and Trade, the Philippines is the UK's 61st largest trading partner in 2024, accounting for 0.2% of the UK’s total trade.
In March this year, the UK and the Philippines held their first Joint Economic and Trade Committee meeting in London, during which both parties listed defense and security as key areas for deepening economic relations.
Freeman also mentioned that the UK has allocated additional funding for the Philippines in its export financing mechanism, especially within a £500 million UK export financing quota, with special funds reserved for the defense and security sector to assist the Philippines in advancing important infrastructure projects.
"If Philippine businesses or the government need to procure services and want to ensure reliable suppliers, we will vouch for them," he said.
"This is a £5 billion financing quota, and we have set aside additional funds specifically for the defense and security sector because we know this is of great significance to the Philippines," he added.
During a media roundtable held in Makati City, he pointed out that the UK is actively seeking strategic projects and partners with development potential, covering key areas such as cybersecurity, health technology, clinical trials, and vaccines.
"I believe the purely transactional model of trade and investment is changing. In this increasingly dangerous world, we need to deepen partnerships," he said.
The UK also sees significant growth potential in several Philippine export products, including bananas, coconut products, dried fruits, and artisanal fashion goods.
"There are a few areas I am especially interested in, but through strategic partnerships, we expect to greatly increase this £3 billion figure. I hope to achieve significant growth in the next three to four years," he said.
In 2024, the total value of UK-Philippine goods and services trade reached £3 billion, an increase of 3.6% or £104 million from 2023. UK exports to the Philippines amounted to £1.2 billion, while imports stood at £1.8 billion, the latter marking an 8.6% increase compared to the previous year.
According to the latest data from the UK Department for Business and Trade, the Philippines is the UK's 61st largest trading partner in 2024, accounting for 0.2% of the UK’s total trade.
In March this year, the UK and the Philippines held their first Joint Economic and Trade Committee meeting in London, during which both parties listed defense and security as key areas for deepening economic relations.
Freeman also mentioned that the UK has allocated additional funding for the Philippines in its export financing mechanism, especially within a £500 million UK export financing quota, with special funds reserved for the defense and security sector to assist the Philippines in advancing important infrastructure projects.
"If Philippine businesses or the government need to procure services and want to ensure reliable suppliers, we will vouch for them," he said.
"This is a £5 billion financing quota, and we have set aside additional funds specifically for the defense and security sector because we know this is of great significance to the Philippines," he added.