UK firms urged to invest in Phl retail sector

The country’s retail sector presents an exciting opportunity for companies from the UK, the British Chamber of Commerce Philippines (BCCP) said.

In a briefing yesterday, BCCP chairman Chris Nelson said opportunities abound for UK firms in the Philippine retail sector, driven by the continued growth of the Philippine economy.

“We can open up this market further. We can get investments,” Nelson said.

He said BCCP supports House Bill 4595 or an Act Amending the Retail Trade Act of 2000, which seeks to amend RA 8762 or the Retail Trade Act in order to facilitate market access for foreign companies into the retail sector.

“Considering the growing interest of British retailers, this initiative will support the increasing foreign direct investments in the country, “Nelson earlier said in a letter addressed to the House Committee on Industry and Trade.

Nelson said the initiative wouldl increase investments by foreign entities, which is key to improving competitiveness.

“The liberalization of the sector and the resulting elimination of barriers to market access for foreign retailers will have a positive spillover effect on the economy, creating more jobs, increasing competition, providing Filipinos with more choices,” Nelson added.

He said British firms have strong interest in the Philippine retail sector.

Since 2014, the British chamber has assisted over 1,700 UK companies that have expressed interest in establishing their footprint in the Philippines.

Apart from opportunities in the retail sector, BCCP is planning to attract more UK companies from various industries to enter the Philippine market as it is set to participate in the Britain in Southeast Asia (BiSEA) Roadshow in the UK from April 30 to May 11.

The program aims to help potential UK investors better understand business opportunities in the Southeast Asia market.

Nelson expects to meet with about 90 to 100 UK companies and see which firms are ripe to enter the Philippine market.

The roadshow is set to travel to Manchester, Durham, Sheffield, Birmingham, Gloucester, London, Southhampton, Slough and Ashford.

Last March, the BCCP hosted the Iloilo trade mission, wherein a total of 63 delegates from cross-sector industries in Britain participated in.

The BCCP said more global investors, particularly from Germany, Indonesia and China, have expressed interest in investing in Iloilo after the mission.

“We are constantly getting inquiries about Iloilo from interested exporters/investors,” BCCP said.