In the recently concluded UK’s EU referendum, on whether Britain should remain or stay in the European Union, the Britons have voted to leave the EU, as reported by The Telegraph.
According to the Philippine Chamber of Commerce and Industry (PCCI), the historic referendum that decided that UK leave the European Union has no significant impact on the Philippine economy.
In a televised interview, incoming trade chief Ramon Lopez said that since the percentage and contribution of country’s trading with UK is minimal, so will be the impact of the vote. Citing that the UK’s trading with Asia is at a measly 3 to 4 percent, Lopez also notes that there might not be any significant impacts in the region either.
Honorary chairman and COO of PCCI Donald Dee said in a text message to GMA News that the Philippines does not have a free trade agreement with the EU, rendering no changes to the country’s trade with Britain.
As reported by the British Chamber of Commerce Philippines, the bilateral trade between Britain and the Philippines is at approximately $2B a year.
Market economist Guian Dumalagan says that the impact of the referendum on Philippine shares might only be temporary given the minimal trade the country has with the EU. However, Prof. Manuel Enverga III, faculty member of Ateneo de Manila University’s European Studies Program, believes the consequences of this vote to exit may come gradually, but not ‘overnight.’
The national referendum closed its polls at 10PM Thursday, June 23 (June 24 5AM PHT) with 51.9% of the votes going to the Leave campaign.
