BCCP backs PH bid to join CPTPP

The British Chamber of Commerce Philippines (BCCP) has welcomed the Philippines’ participation in preparatory talks for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), saying the move reflects the country’s growing openness to global trade despite continuing economic uncertainties.

The discussions involve aspiring member economies, including the Philippines, Indonesia, and the United Arab Emirates (UAE), as they explore accession to one of the world’s largest free trade blocs. According to the BCCP, joining the CPTPP would strengthen the Philippines’ position in regional and global supply chains while enhancing its appeal to foreign investors.

Representing about 15% of global gross domestic product (GDP), the CPTPP currently consists of 12 member economies, with the United Kingdom officially joining the agreement in 2024.

BCCP Executive Vice Chairman Chris Nelson said membership would provide Philippine-based businesses with wider market access and more streamlined trading rules.

“I think this will give the Philippines access to further opportunities, particularly on supply chains and potential foreign direct investment with companies looking at that. We believe it’s a way forward for the Philippines. Companies based here would also like to see the Philippines join because it would help them in terms of market access,” Nelson said.

Beyond trade liberalization, Nelson emphasized that improving the country’s investment climate remains equally important. He said continued regulatory reforms and the passage of key economic legislation would reinforce the Philippines’ competitiveness.

The Chamber earlier welcomed the World Bank’s reclassification of the Philippines from a lower-middle-income economy to an upper-middle-income country (UMIC), describing it as an encouraging milestone despite slower economic growth.

While the Philippine economy expanded by 2.8% in the first quarter of 2026, the services sector remained resilient with 4.5% growth. Inflation also continued to ease, declining to 6.4% in June 2026, while food inflation slowed to 5.4%.

Nelson stressed that legislative reforms should complement the country’s pursuit of CPTPP membership.

“I don’t say this is specific to CPTPP, but there have been regulatory improvements and we’d like to see that continue. We’d particularly like to see the Cybersecurity Act passed because we think it’s critically important—not only for trade but also for national security. We’d also like to see the Open Finance Act passed. The Philippines has just joined the upper-middle-income bracket, which is a positive step, and legislation is key in supporting the country’s drive to become a CPTPP member.”

The BCCP also reiterated the importance of cutting bureaucratic hurdles, saying excessive red tape remains one of the biggest concerns raised by its members.

According to the Chamber, sustained reforms would create a more predictable and business-friendly environment, particularly for small and medium-sized enterprises (SMEs) seeking to establish or expand operations in the Philippines.

Nelson said the Chamber remains a strong supporter of the Anti-Red Tape Authority (ARTA) and its reform agenda.

“Further reducing red tape is critically important. We are an ARTA champion, we work closely with the agency, and we fully support its efforts. The more progress we make in simplifying processes, the easier it becomes for companies—especially small and medium-sized enterprises—to invest and grow in the Philippines.”

The BCCP said that while CPTPP membership could significantly expand the country’s trade and investment opportunities, maximizing its benefits will depend on sustained policy reforms, regulatory efficiency, and the passage of investor-friendly legislation.