By Tracy Cabrera
BGC, Taguig City — As the Philippine Senate convenes as an impeachment court amid a recent security incident and leadership transition, the British Chamber of Commerce Philippines (BCCP) and other business groups are calling for legislative continuity, warning that prevailing political uncertainties could weigh on investor confidence as foreign stakeholders closely watch institutional stability and reform momentum.
According to BCCP executive vice chairperson Chris Nelson, recent macroeconomic indicators show that although the country’s gross domestic product (GDP) growth has eased to 2.8 percent, inflation is steadily rising, reaching 7.2 percent last April.
In addition, the Bangko Sentral ng Pilipinas raised its policy rate to 4.5 percent.
In light of these developments, Nelson said both domestic and global headwinds continue to pressure the Philippine economy.
“Certainly, the developments in the Senate will not help in that context. The key question is what this means for legislation. As a business chamber, we continue to push for the passage of reforms that can drive investment and further open up the economy,” the British business executive said.
Despite the situation, Nelson welcomed progress on key priority measures, including the Cybersecurity Act, Digital Payments Act, and Blue Economy Act, which have advanced in both chambers of Congress.
“These reforms are critical to strengthening digital infrastructure, improving ease of doing business, and building a more structured framework for marine and coastal economic development,” he noted.
He added that these sectors could further deepen UK–Philippines economic ties, particularly in emerging areas such as artificial intelligence, digital systems, cybersecurity, and blue finance, which include opportunities linked to the United Kingdom’s £500 million (approximately ₱41.3 billion) Blue Planet Fund, alongside capacity-building initiatives led by British cybersecurity firms such as CyberQ Group and NCC Group.
ia/xf
