According to Department of Trade and Industry (DTI) Undersecretary for International Trade Group (ITG) Adrian S. Cristobal Jr., the Philippines’ “English-speaking business environment, multicultural sensitivities, and strategic location in Asia are attractive for British companies seeking to expand its business in Southeast Asia.” Because of such favorable factors, British companies are anticipated to invest and expand their operations in the country.
Moreover, the UK’s National Outsourcing Association (NOA) has also presented the Philippines the Offshoring Destination of the Year Award thrice—in 2007, 2009, and 2010. Big names like HSBC, BP, LogicaCMG, and Shell are among the UK businesses with operations in the Philippines.
Along with being recognized by the UK as one of East Asia’s major emerging powers, the Philippines is identified as “one of the largest and a key player in ASEAN” as well, thanks to its 7 percent economic growth rate plus the high increase in bilateral trade between both countries in 2010. The previous year, the Philippines saw its twenty-first trading partner in the UK, with total bilateral trade worth $547.21 million (or 0.65 percent of the Philippine’s total trade worldwide).
Further, the proposed European Union-Philippines free trade agreement (FTA), upon its approval, could very well strengthen the trade ties between the Philippines and the UK, the European Union’s second-largest economy. “As we work towards the EU-Philippines FTA, we hope that more business and investment opportunities will open up for both countries,” Cristobal shared. The island nation may serve as UK’s strategic gateway to Asia by means of FTAs the Philippines has with other countries.
Likewise, the Philippines is also looking forward to further developing its business ties with the UK, one of Western Europe’s trillion-dollar economies.
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For the full article, visit http://www.mb.com.ph/articles/310024/british-expected-expand-investments-here.