COURTESY CALL. United Kingdom Prime Minister’s trade envoy Richard Graham (left) pays a courtesy visit to Trade Secretary Ramon Lopez (right) on Feb. 16, 2022. Both trade officials reaffirm their commitment to strengthen the economic partnership between the Philippines and the UK. (Photo courtesy of DTI)
MANILA – The Philippines and the United Kingdom have reaffirmed their commitment to boost economic partnership, especially in terms of investments.
In a statement Thursday, UK Prime Minister’s Trade Envoy Richard Graham made a courtesy call to Department of Trade and Industry (DTI) Secretary Ramon Lopez last February 16 to exchange updates on economic developments of the two countries and put forward interests for future cooperation.
During the meeting, Lopez highlighted that sustainable development is one of the key priority areas of the Philippines for trade and investment, which UK businesses can look into. These include investments in renewable energy, manufacturing of electric vehicles, and green metals.
From the UK side, Graham said British enterprises are interested in exploring opportunities in the Philippines, particularly in infrastructure, renewable energy, creative industry, and digitalization.
Graham also welcomed the passage of key economic bills, such as the Retail Trade Liberalization law, as well as the Foreign Investment Act and the Public Service Act that are waiting for the President’s signing.
He added these legislations will help to attract more UK investments to the Philippines.
"(T)hey lauded the major economic reforms and other programs (that) we are doing that will certainly encourage those who have indicated interest before to reconsider investing in key sectors (in) the Philippines, like in telecommunications and logistics, as it will now allow greater foreign investor equity participation," Lopez said in a Viber message to reporters.
According to DTI data, the UK was the fourth-largest source of foreign investments in the Board of Investments and Philippine Economic Zone Authority last year.
UK investment pledges in the country’s two premier investment promotion agencies surged by more than 500 percent to PHP13.37 billion in 2021 from PHP2.13 billion in 2020. (PNA)
