The United Kingdom aims to double its trade with the Philippines to 6 billion pounds over the next three to four years, while focusing on strategic investments in digital infrastructure, cybersecurity and renewable energy as key drivers of growth.
Visiting UK Trade Envoy George Freeman said the total trade in goods and services between the two countries hit an all-time high of 3 billion pounds in 2024, up 3.6 percent from 2023, with the Philippines posting a trade surplus of 1.8 billion pounds, while the UK accounted for 1.2 billion pounds.
“We’ve reached an all-time high in UK-Philippine trade. And I’m proud to tell you that the number one foreign inward investment in the Philippines last year was from the UK,” Freeman said in a briefing Friday.
The rise in trade was led by an 8.6-percent increase in UK imports from the Philippines, totaling 1.8 billion pounds, an increase of 139 million pounds from the previous year.
UK exports to the Philippines declined 2.8 percent, amounting to 1.2 billion pounds, a decrease of 35 million pounds in current prices, resulting in a Philippine trade surplus of 600 million pounds.
With the recent performance, the Philippines ranked as the UK’s 61st largest trading partner, accounting for 0.2 percent of the UK’s total trade.
Freeman said a deeper collaboration in foundational sectors could unlock substantial British investment, generate jobs and foster inclusive, long-term economic growth in the Philippines.
“This is really the point I was making about strategic partnerships. If we develop a partnership around the digital economy, cybersecurity, digital identity and tackling fraud, giving Filipinos access to secure online trading, that’s a serious project. And that alone, over the next five or ten years, could bring in a lot more UK investment into the Philippines,” he said.
Freeman said while these initiatives are not short-term transactions, they aim to build structural resilience and long-term economic capacity in the country.
Reducing fraud, for instance, keeps money within the formal economy and channels it toward legitimate enterprises, fueling a cycle of growth, reinvestment and innovation, he said.
Green growth is also an important segment of the UK’s trade and development strategy, and with the Philippine government accelerating its shift to renewable energy, Freeman said now is the time to deepen cooperation in clean technologies.
“If the Philippine government commits, as it is doing, to make the transition, that will unlock investment into those technologies. It will reduce the cost and increase the security of energy,” he said.
Freeman said these long-term projects would not only attract capital but also generate employment in high-growth sectors, boost technical training and create new sources of tax revenue.
