MANILA -- More British companies are keen on doing business in the Philippines, encouraged by the country’s growing economy and availability of an educated workforce.
British Chamber of Commerce Philippines (BCCP) Executive Chairman Chris Nelson said that in the last five years, over 2,300 British companies expressed interest in retail particularly food, infrastructure, and education and training.
“I anticipate new companies will be coming. And also what we are trying (to do) as well is to grow the business of existing companies,” he said in an interview Tuesday.
The BCCP is continuously promoting other business opportunities, including healthcare and business consultancy; and other growth areas such as manufacturing, energy, and environment through various events.
“UK (United Kingdom) companies are looking more at Southeast Asia. What we are trying to do is to make sure they look at the Philippines as their primary destination,” Nelson said.
He said British firms consider the Philippines a “very attractive” market for investors given its robust economy and English-speaking population.
Nelson also cited the country’s ease of doing business law while pushing for the passage of the bill amending the Retail Trade Liberalization Act.
A bill has been filed in the Senate proposing to bring down the minimum paid-up capital for foreign firms engaged in the retail trade business.
“Retail liberalization will gonna very good for us. And obviously, what we would like to see is further liberalization of the economy, reduce what they call the investment negative (list), obviously (so) you can get more companies investing here,” he added.
The negative list refers to the list of economic sectors where foreign ownership and participation in the Philippines are regulated. (PNA)
