UK hails Aquino pledge on foreign investments

MANILA, Philippines - The United Kingdom welcomed yesterday the statement of President Benigno Aquino III to make sure the Philippines will be a “predictable and consistent place for investment” and take measures to make the country “attractive to investments.”

British Ambassador Stephen Lillie said the UK is very encouraged by the President’s vision and statements during the ASEAN Foundation Day on Monday about fostering a climate open to trade and investment. 

“Our government has been actively promoting better economic relations with the Philippines. We are optimistic that the Aquino administration’s commitment to improve the business climate in the Philippines will widen the scope of business relations between our two countries,” Lillie said. 

“During my recent trip to London I have spoken to about 40 or so businesses from a wide range of sectors and they were very receptive to the idea of entering the Philippine market, asking a lot of questions about market access. A good number are already in touch with our UK Trade and Investment team here in Manila to request for assistance,” he said. 

Lillie took part in a market clinic for “Doing Business in Asia”, one of a series of events around the UK to boost trade between the UK and 12 Asian countries, including the Philippines.

The event provided an opportunity for UK-based businesses to participate in face-to-face meetings with key resource persons from Asian markets, interactive Q&A market clinics, practical support sessions and networking opportunities. The activities are designed to teach more about key opportunities and the current economic and political climate in Asian markets.

This initiative is organized by the Asia Task Force, which was set up by UK Trade and Investment (UKTI) to increase the UK’s trade with 12 emerging Asian markets including the Philippines.

British Business Secretary Vince Cable recently announced the new membership of the Asia Task Force, which brings together high-calibre experts from industry, education and government to provide advice on how to deepen the relationship with the growing Asian markets.

“This is a good way to spread knowledge of the region more widely. Although the market clinics were divided by country, I noticed that some participants from the other clinics sat in on the one for the Philippines. This is a good way for British businesses to develop a more regional approach to entering overseas markets, which is harmonious to the moves to increase integration and connectivity among ASEAN markets,” he said.

Lillie cited the Philippines’ huge potential to attract UK trade and investment, with its skilled English-speaking workforce, independent legal system, strategic location in Asia, and receptiveness to British products and services.

The Ambassador also mentioned key sectors of opportunity in the Philippines include environment, power and renewable energy, education, retail, construction, healthcare, agri-business and financial services.