The British Embassy in Manila expects the number of trade missions from the United Kingdom to hit as many as seven this year, reportedly the highest in about a decade, as UK targets to double its bilateral trade with the Philippines by 2017.
“This is certainly the most number we’ve had in the last 10 years or so, including the trade missions coming in by November and December. We’re seeing high value companies here, showing the vote of confidence that British firms put in the Philippines, the business environment and the workforce,” explained Iain Mansfield, director of the UK Trade and Investment (UKTI) in Manila.
Mansfield said increased interest in the Philippines was due to the fact that the local economy did well in the last 18 months. In the second quarter this year, the country’s Gross Domestic Product grew by 7.5 percent.
“That and the fact that the government is making a real effort to crack down on corruption which we very well support,” Mansfield added.
The British Embassy in Manila has also launched other initiatives, according to Mansfield, including a webinar program meant to promote the Philippines to companies in the UK.
Data from the British Embassy in Manila showed that the two-way trade of goods and services amounted to around 1.2 billion pounds in 2012.
Total UK exports of goods and services to the Philippines, meanwhile, rose 13 percent to over 550 million pounds last year.
Among the largest British firms in the Philippines are Unilever, Shell, HSBC, Standard Chartered, Pru Life, GSK, Arup and Halcrow.