UK BUSINESS FORUM HIGHLIGHTS STRONGER PHILIPPINE-BRITISH COMMERCIAL RELATIONS
19 September 2016-- Philippines and British government and business leaders participated in the ‘Going Global: The Future of UK and Philippine Business’ held at Asia House, London on September 07.
The briefing session in London was organized by the British Embassy Manila in cooperation with and the UK Department for International Trade and the Philippine Embassy in London. The event featured discussions about business prospects and opportunities to further strengthen Philippine-British economic and commercial relations.
UK’s Foreign and Commonwealth Office (FCO) Minister for Asia and the Pacific Alok Sharma was the key note speaker. The British official stated that “the Philippines is now, and will remain, an important partner for the UK in the region. The opportunities for British investors are significant.â€
He also added that the UK’s imminent departure from the EU offers an opportunity for the UK to broaden its trade and investment relationship with its important partners around the world, including the Philippines.
Mr Sharma also expressed enthusiasm over the trade and investment relationship between the Philippines and the UK noting Emperador and Monde Nissin as Philippine companies, which recently acquired UK businesses – Whyte & Mackay and Quorn Foods, respectively.
In his speech, Philippine Ambassador to the UK Evan P. Garcia said: “the country remains ‘Asia’s bright spot’ as evidenced by a streak of 70 quarters of unprecedented economic gains, with 7% growth in GDP for the second quarter of 2016 and a stable inflation rate.â€
He reaffirmed that the economic outperformance of the Philippines will continue with the complementation of the government’s 10-point socio-economic agenda making the country a safe place to live, work and do business, while improving the welfare of Filipinos.
A panel of representatives from UK companies such as Arup, Atkins Acuity and HSBC also shared their success stories about investing and doing business in the Philippines. Whyte & Mackay, Quorn Foods, and Rothschild representatives described smooth acquisitions and turn-over of operations involving new Philippine investments in the said UK companies.
British Ambassador to the Philippines Asif Ahmad discussed his observations on investments and franchising between the Philippines and the UK. Meanwhile, UK Trade Envoy to the Philippines Richard Graham also addressed the crowd, following the success of his recent trade mission to the Philippines. He described the country as a business-friendly destination that represents a number of interests and opportunities for the UK.
UK remains to be the top European investor in the Philippines. UK was Philippines’ third largest investor in 2015. As or First Quarter of 2016, the UK ranked 6th as Philippines’ top source of total approved foreign investments by country of investor. In terms of trade, there is a continuous growth of trade between the Philippines and the UK of a 7 percent yearly average.
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