MANILA -- The British Chamber of Commerce Philippines (BCCP) will promote the Philippines as an investment destination for United Kingdom-based companies during the Britain in Southeast Asia (BISEA) Roadshow next week.
BCCP Chairman Chris Nelson, in a briefing Wednesday, said he will represent the BCCP in the BISEA from Oct. 9 to 20 to present the opportunities for UK businesses in the Philippines.
Nelson, along with other British Chamber of Commerce in Southeast Asia, will promote business opportunities in the region in London, Birmingham, Cambridge, Chesterfieled, and Manchester.
“The interest level of UK companies in the Philippines, and vice versa has been growing substantially in the past years,” the BCCP head said.
“We want to keep that momentum going,” Nelson added.
He cited the visit of UK Prime Minister’s Trade Envoy to the Philippines Richard Graham MP last month, which is already the third visit of the trade minister to the Philippines within 12 months, as a reflection of the keen interest of UK to improve economic relations with the country.
He also said that the UK Export Finance (UKEF), the UK government’s credit agency, has even doubled its credit facility to £4.5 billion or more than PHP300 billion for British firms to export and invest to the Philippines.
“We encourage companies to look at that facility,” Nelson said.
“It’s a reinforcement from the UK government, which is very focused in helping to develop businesses between the UK and the Philippines,” he added.
The BCCP chief also suggested that the Philippine government should further improve the ease of doing business in the country and look into making the market more open to foreign investors.
Nelson said the BCCP welcomes the move of the Duterte administration to further liberalize some sectors to increase participation of foreign players.
He noted that British firms are mostly interested in participating in the country’s construction sector to complement the Duterte administration’s Build, Build, Build program to improve the country’s infrastructure.
UK firms are looking forward to the Philippines further opening up business opportunities in the education and retail sectors in which British companies are keen to invest. (PNA)