The Philippine-British Business Council was launched on November 13, 1995 in Manila in the presence of Philippine Trade and Industry Secretary Rizalino Navarro and British Minister of State Lord Fraser.

The Council is composed of top business executives from both countries and was established to promote business and investment between the Philippines and the United Kingdom. The Council provides an umbrella organisation and overall framework for identifying profitable opportunities for cooperation between the business communities of the two countries. Specific business opportunities and programmes are then followed up and implemented by private sector companies in both countries.

The Council's objectives are to create a forum for contact and mutual business development between Council members; to identify areas where business for both countries could work together for mutual benefit; to agree on work programmes to be carried out by supporting administrations between meetings; to consider how to develop mutual trade at small and medium enterprises level including the creation of partnership structures; to investigate inward investment opportunities and action in both directions; to identify targetted sectors for future collaboration and work programmes; and to consider third country collaboration and to identify specific opportunities.

The Philippines-British Business Council is co-chaired on the Philippines side by Mr. Jesus P. Tambunting, former Ambassador to the Court of St. James (London) and Chairman & CEO of Planters Development Bank, and on the British side by Mr. Nigel Rich, Chairman of Exel plc.