BREXIT and the need for the UK to replace the potential loss of European trade will encourage British firms to put the Philippines on their investment radar, as will recent reforms in the Philippines, a British Chamber of Commerce Philippines official said.
“In light of Brexit, companies have been considering other markets across the globe. Of course, Europe in terms of proximity is always very close to the UK, and then I think what we’ve tried to highlight in particular is the specific benefits of the Philippines,” British Chamber of Commerce Philippines Executive Director and Trustee Chris Nelson told reporters at a media briefing on Monday.
He added that reforms such as the proposed amendments to Retail Trade Liberalization Act, the Ease of Doing Business Law, and the Build, Build, Build program were helping generate fresh interest, while demographic factors such as the young and growing population and the economy’s consumer orientation were also attractive.
Mr. Nelson described ease of doing business in the Philippines as a main concern of British investors.
Mr. Nelson said British firms see opportunities in private and public infrastructure projects, including local government projects.
“The infrastructure program of the Philippines is a key area. That spending or movement in the economy will occur in the second or this half of this year. We have been very much promoting that in the UK,” he said.
Prime Minister Boris Johnson hopes to deliver Brexit by the Oct. 31 deadline to leave the European Union, and the unsettled trade arrangements beyond that have sent British firms on the constant lookout for markets.
He said that the chamber hopes to ”keep on presenting those opportunities the Philippines presents.” — Jenina P. Ibañez