THE Senate passed the ratification of the Regional Comprehensive Economic Partnership (RCEP) on Tuesday, Feb. 21, 2023.

Given its several advantages in various sectors, this has set the Philippines' economic growth toward more progressive welfare.

The British Chamber of Commerce Philippines' Executive Director and Trustee, Chris Nelson, has tremendously supported its ratification due to its positive implications in increasing the UK and Philippine trade and investment.

In addition, the British Chamber looks forward to an increase in trade relations and Philippine economic recovery.

As the country further liberalizes its market, RCEP is one of the key players in sustainable growth and opportunities — which would help in 58 percent source in the country's Foreign Direct Investments (FDIs).

The UK and Philippine trade will continuously grow after attaining 2.1 billion pounds in 2022.

Moreover, Senate President Juan Miguel Zubiri's statement on trade policies, specifically RCEP's provision of 1.4 million jobs for Filipinos by 2031, further proves its role in creating more feasible growth opportunities in the country.

With this, the Chamber would like to express its gratitude to Senator Zubiri and Senate President Pro Tempore Loren Legarda.

As The Great British Festival is set to take place on March 25-26, 2023, in BGC, Taguig, this will serve as an avenue for UK companies to further strengthen their presence in the country.

This event is a strategic means to increase awareness for prospective UK brands and companies looking to establish trade and investment in the Philippines.