Philippines economic team invites British investors to explore new prospects

CEBU, Philippines — The Philippine government has urged British investors to consider the Philippines as an ideal location for business growth, promising strong returns in the country’s expanding market.

During the Philippine Economic Briefing (PEB) in London on October 31, Finance Secretary Ralph G. Recto highlighted the Philippines’ potential for business success. “If you want to grow your business and earn more, choose the Philippines. Make it happen here,” he said, outlining government efforts to improve the business environment.

Secretary Recto emphasized the country’s young, educated, and English-speaking workforce as a major advantage for investors. He also pointed out the strong relationship between the UK and the Philippines, noting that around 250,000 Filipinos live in the UK, many working in essential roles, especially in healthcare.

He stressed that the Philippines offers a stable political climate, positive economic indicators, and decreasing inflation, making it an attractive place for British businesses to invest.

Recto encouraged British investors to engage more with the Philippines, especially as the country prepares to join JP Morgan’s Bond Index. This move is expected to attract more interest in Philippine government bonds and improve market conditions.

The Finance chief also announced new plans to simplify business regulations and improve tax incentives for investors, including a lower corporate tax rate and extended tax benefits for certain projects. Additionally, there is a proposal to reduce the tax on stock transactions, which would lower costs for investors.

The UK has become the top source of foreign direct investment (FDI) for the Philippines, with investments totaling GBP 585.74 million (P44.13 billion) by July 2024, marking a significant increase from previous years.

The PEB featured discussions with government officials and business leaders focused on building a competitive future for the Philippines. Around 220 senior executives from UK companies attended the event, creating opportunities for networking and potential partnerships.

Overall, the Philippine government is actively seeking to attract British investment, aiming to leverage the country’s strengths and provide a conducive environment for business success