Two companies have decided to set up shop in Mindanao, keeping their eyes on the long-term development of southern Philippines in spite of being recently subjected to martial law, a top official of the British Chamber of Commerce of the Philippines (BCCP) said.
BCCP chair Chris Nelson told reporters last week that British firm SeaGard Ltd. and BCCP member YLF Contracts and Costs Solutions had decided to start operations in Mindanao after being part of a 50-member business delegation that went to Davao City earlier this year.
While Nelson deferred from giving investment figures, he said that the swift decision of the companies to have operations in Mindanao was a signal that investor confidence remained in spite of the ongoing clash between military and terrorist elements in Marawi City.
“One of the companies has already signed up for business. It’s called SeaGard. One of our members, which is YLF, an engineering consultancy, has just established an office in Davao. We are continuing to expect that others would go from that. Two is actually a good result,” he said.
SeaGard provides marine asset monitoring and protection service to telecommunications and energy sectors. On the other hand, YLF provides comprehensive quantity surveying and construction management services.
Commenting on the current developments in Mindanao, Nelson said that there would always be “some short-term issues” but businesses would still focus on long-term developments.
Although business circles here in the Philippines have been generally supportive of the declaration of martial law, Nelson said that there had not been any specific response coming from BCCP members.
“Honestly I have to say to you that there has not been a specific response. I would say rather they’re basically looking at business in the long term,” he said.