Manila, Philippines - Filipino firms see the United Kingdom as a choice investment destination as they expressed plans to expand in Europe and the rest of the world.
Recently, the Bank of the Philippine Islands (BPI) announced its plan to expand in other parts of Europe under its subsidiary, BPI Europe Plc.
It said it would make the UK as the location of its European headquarters, with its two branches already in London.
UK Trade and Investment (UKTI) Manila director Derek Page welcomed the announcement.
“We congratulate BPI for its success in the UK, and we are delighted that it is paving the way for the company’s expansion into other European markets,” Page said.
“BPI has taken advantage of the opportunities that the UK presents to international businesses as a springboard to Europe and the rest of the world, and is now reaping the benefits,” he said.
He encouraged other Filipino businesses to consider the UK as an investment destination.
“The UK is the largest source of remittances to the Philippines from Europe and fourth largest source globally.”
“The Philippine community in the UK is estimated at 250,000, and there are more overseas Filipino workers to target throughout Europe. Our UKTI team based in the British embassy continue to engage with major local companies for making high-level investment into the UK,” Page said.
According to the Ernst & Young European Attractiveness Survey 2011, the UK remains Europe’s top destination for foreign direct investment (FDI), supporting the country’s position as the destination of choice for businesses of every size.
The UK government has taken major steps to show that it is open for business.
Early this year, it published a new strategy for how trade and investment can drive global economic growth. Among the highlights of the Trade White Paper is a plan to enable developing countries, including the Philippines, to benefit from trade and investment.
Over the next few years, the UK will begin an ambitious program to modernize roads, utilities, ports, railways and digital communications, and ensure that its infrastructure will be able to support businesses well into the future.
Efforts being made by the UK include addressing the deficit, cutting red tape and regulation, delivering flexible employment and cutting corporation tax by 24 percent, Page said.
“We are aware that countries which are serious about improving their economic standing and building sustainable long-term growth need to cultivate a business climate that will attract investors. The UK aims to be a place of long-term success for business,” he said.