UK promises to invest £ 500 million in ASEAN

According to the Manila Times, Philippine President Marcos made a commitment of £ 500 million to invest in ASEAN during the coronation ceremony of King Charles III in the UK. Tereso Panga, Director of the Philippine Economic Zone Administration (PEZA), said that President Marcos' visit to the UK may bring more British investment companies and tourists to the Philippines, and may also clarify how much of the £ 500 million will flow to the Philippines. The report also stated that the UK's' Developing Countries Trade Plan '(DCTS) will take effect in June this year, replacing the previous GSP treatment. Under the DCTS framework, over 150 products from the Philippines can enjoy duty-free exports to the UK, with an annual tariff exemption of up to £ 21 million.