Economic ties between PH, UK seen to expand

British Prime Minister David Cameron and President Aquino have expressed continued support for the growing economic ties between the Philippines and the United Kingdom, with the private sector leading the the way to increased bilateral trade and investments.

“The UK and the Philippines have had a long and fruitful relationship. The UK is now the largest European investor in the Philippines and the largest recipient of Philippine foreign direct investment in Europe. Bilateral trade between our countries is growing strongly, with UK exports to the Philippine increasing by 44 percent in the first half of 2015,” Prime Minister Cameron was quoted in a statement issued by the British Embassy in the Philippines.

The Prime Minister primarily acknowledged the commitment of the Philippine British Business Council, which has been championing increased goodwill and stronger commercial relationships over the last 20 years.

The PBCC, he added, has been an important part of the success story between the two countries as he further pointed out that the innovation roadshows the business group had organized in recent years “have undoubtedly helped to deepen our business collaboration in the important areas of infrastructure, transport and public-private partnerships.”

Meanwhile, President Aquino was quoted in the same statement as saying that he was hopeful that these engagements spearheaded by the PBBC would further deepen the trust between the two countries. He added that the PBBC’s role has been “decisive in driving key industry sectors such as agribusiness, energy, IT-business process outsourcing management, tourism and retail trade.”

The rise in trade and investment relations between the Philippines and the UK is expected to be sustained on the back of an optimistic outlook on the local economy and sustained interest of British investors to expand and set up shop in the country.

“(Our trade and investment relations) will continue to grow because the visibility of the Philippines is much higher now. A lot of good work has been done by the Philippine government so far and so there’s a greater awareness,” explained British Ambassador to the Philippines Asif Ahmad.

“British investors are now looking where to take their money. Some countries are already overheating, while others have political issues. This country, in my view, has many pluses. It’s got a a natural consumer base, a demographic of young people who are available to work, and English here is (widely spoken),” Ahmad said in an interview with the Inquirer.

Separately, Nigel Rich, co-chair of the PBBC added that there was considerable interest in the Philippines, which was now on the map of many British investors. This reflected the current confidence of UK in the country.

PBBC co-chair Jesus P Tambunting urged the British firms to make the Philippines their hub in expanding operations in the region. “The Philippines is ideal not only because it’s strategically located in the region, but also the availability of skilled labor and English-speaking labor force.”