More British firms are looking at potential investment opportunities in the Philippines, particularly in the infrastructure, energy and retail sectors, as the country emerges as the “rising star” in the region.
Iain Mansfield, the newly appointed director of the UK Trade and Investment (UKTI) Manila, said in a briefing Thursday that trade missions were coming to the Philippines, with a British delegation of six agriculture companies in the country to participate in Livestock Philippines 2013.
Mansfield said that another delegation was expected to arrive in September. It is composed of UK-based energy firms that will explore possible partnership agreements with local firms.
In February next year, representatives from UK-based universities are expected as well.
“When you look at the countries in the region, the Philippines is really a rising star at the moment. There may be other countries that have a higher Gross Domestic Product like Singapore and Malaysia, but actually if you look at the Philippines, it has the highest growth in the region over the last five months and it had the second highest growth after China last year. It’s a country already taking off,” Mansfield explained.
In infrastructure, a number of British companies are either part of the consortia eyeing to bag the contract for the Mactan-Cebu airport project or are positioned to become suppliers. Some have also expressed interest in taking part in water projects and the $2.1-billion Batangas-Manila natural gas pipeline deal.
In the energy sector, British firms are considering the renewable energy sector and energy efficiency projects.
British brands already in the country include Marks and Spencer, Debenhams, Speedo, Dunhill, Paul Smith, Burberry, Hackett, Ben Sherman and Warehouse.
Other sectors that were identified as having great potential include agriculture, education, environment, financial and professional services, ICT, pharmaceuticals and healthcare, and tourism.