Phl getting more attention from British investors

Sustained strong economic growth has propelled the Philippines to be the most preferred site in Southeast Asia among British investors.

British Chamber of Commerce Philippines (BCCP) chairman Chris Nelson said while there is continuing British investor interest in the Association of Southeast Asian Nations (ASEAN) as a whole, much of the attention is being given in particular to the Philippines.

“ASEAN is always important if you look at population figures and growth rates, but I think the Philippines is attracting more of that attention and that’s driven by a lot of fundamentals,” Nelson said in a briefing yesterday.

“Population is young, therefore it’s very attractive. And let’s not forget the growth rate. The growth rate of the Philippines is between six to seven percent and that’s one of the highest growth rates across the globe. There are many reasons why the Philippines is attracting many interests,” he added.

Nelson said British firms also welcome the current administration’s efforts to liberalize the economy, increase spending on infrastructure, and rid the country of corruption.

“Change in economic provisions will take some time, but all of us are looking to see those infrastructure projects go through. The need to invest in infrastructure is clearly required,” he said.

The BCCP official said infrastructure is among the sectors where many British companies could be of help to the Philippines.

In addition, over 30 companies from energy, medical devices, cosmetics, food and beverage, pharmaceuticals and retail sectors have expressed high interest in the country.

“The Philippines grew substantially last year. That’s a strong indication that the Philippines is now rating much higher in terms of people awareness and in terms of what British companies are looking for,” Nelson said.

“The ties between the two countries, economic and business wise, have really gathered the pace and we only anticipate that it will only continue to grow,” he added.

In 2015, UK exports to the Philippines rose 38 percent year-on-year. Bilateral trade between the two countries is worth around $1.8 billion annually.