The Department of Trade and Industry (DTI) recently welcomed a trade and investment mission of British companies that intend to expand their businesses and ramp up their presence in the Philippines.
During the investment briefing for the mission members, Trade Undersecretary Ponciano C. Manalo Jr. conveyed his appreciation of the delegation’s presence in the country as this highlights the strengthening of bilateral trade and investment relations between our two countries. Manalo further invited the delegation members to explore potential business opportunities in the country and encouraged them to invest in light of the positive economic developments in our country.
This business mission is the eighth group from the UK for this year. It is a follow through from the high-level trade and investment mission of the Philippines, as well as the PEZA Roadshow, both of which took place in London last October.
The delegation is composed of British companies seeking potential joint venture partnerships, investments in manufacturing, product distributors, and product sources in the Philippines.
In partnership with DTI’s Philippine Trade and Investment Center in London (PTIC-London) and UK-ASEAN Business Council, the London Chamber of Commerce and Industry and UK Trade and Investment (North West England) organized a two-day visit including a number of activities for the delegation. These activities aim to highlight and reiterate the positive economic developments and high investor confidence in the Philippines.
“The current investment climate in the Philippines is strong, and gross domestic product (GDP) growth rate hit 7%,” Manalo said.
Manalo said the primary factor that contributes to this positive development is good governance that the country is having under the present administration.
Manalo added that when locating in a country, businesses seek for stability and predictability of investments through good governance and a stable banking system.
In 2012, the United Kingdom (UK) surged as the seventh top source of approved investment amounting to P6.7B or a 293-% increase from the previous year’s P1.7B.
Manalo noted that trade in service is one of the areas to develop with the UK. This includes voice and non-voice business process management (BPM).
Aside from BPM, other priority sectors offered to British companies are public-private partnership (PPP) in infrastructure, aerospace, and manufacturing in agribusiness, food processing, automotive electronic parts and components.
Thirteen companies joined the delegation. These are Arup, AWW Architects, Deemak International, Duke’s Court Travel, Energy Island, GIG Productions Ltd., Hoshin, Human Elemental Ltd, Medikit Ltd., Sterling Sensors Ltd., Tree Communications, Tudor Export Ltd., and UK Trade and Investment.
London Chamber of Commerce Senior International Business Executive Ruma Deb said that they expect enduring business relations with the Philippines. Likewise, Asia Pacific Development UK Trade and Investment (North West Team) Head Philomena Chan noted there are a lot of synergies that both countries can partner and cited the creative sector in particular.