UK gov’t earmarks P3M for PH business center
The British Embassy in Manila has earmarked an initial 40,000 British pounds (or about P3 million) to set up in the country its first business center that will support UK-based firms wanting to tap opportunities in the Philippines.
This move was in line with the British government’s commitment to boost investment links, and double bilateral trade between the United Kingdom and the Philippines within five years.
In an interview on Friday, British Ambassador Asif Ahmad said these programs were being done in collaboration with the British Chamber of Commerce of the Philippines.
“We’re funding the British Chamber of Commerce of the Philippines with some government money so they can further develop capabilities in welcoming newcomers here. They will be moving into a new building at the Bonifacio Global City where they will be able to provide desks and secretarial support for brand-new British businesses who want to explore the market. This is a joint venture between the embassy and the business chamber,” Ahmad said.
“This is a long-term commitment. It’s not a one-off thing. Initially we will be [earmarking] 40,000 Pounds. This is just to get them going because they still need to establish themselves to get the necessary equipment, recruit staff and get their offering up and running,” he added.
Ahmad noted that while the service was already available at the British Embassy in Manila, it does not have adequate areas where companies can conduct meetings with prospective partners or clients.
“We’re going to basically hand this over to the chamber so they can do it more strongly because we can’t offer an office facility at the embassy. We’re not just looking to tap the companies that are in the UK. There are many businesses that are in Hong Kong, Singapore and Malaysia and we’re asking them to make that next hop here to the Philippines,” he said.
The Philippines’ growing attractiveness as an investment destination has lured many British companies to tap potential investment opportunities in the country.
There are over 200 British companies active in the Philippines, such as Shell, HSBC, Unilever, Standard Chartered, Marks and Spencer, Pru Life, de La Rue, GSK, AstraZeneca, Arup and Halcrow.
According to Ahmad, the embassy expects even more British companies to come here as soon as the government further liberalizes policies for foreign investments.
Meanwhile, Ahmad also disclosed that the embassy expects the incoming UK trade minister to come to the Philippines later this year. Two Cabinet-level ministers have already visited the country, namely, Lord Stephen Green of Hurstpierpoint, the UK Minister of State for Trade and Investment and British Foreign Secretary William Hague.
It was Lord Green who, in his visit last year, committed to boost trade and investment links between the UK and the Philippines.
“We’re on track, our target to double trade and investment—this has increased already from where it was. But there’s more to do and I want to beat the target of doing that within a five year period,” Ahmad said.
As of end-2013, the UK is the biggest European and the fourth largest source of foreign direct investments in the Philippines.
