PH ECON BRIEFING. Finance Secretary Ralph Recto at the Philippine Economic Briefing in London from Oct. 29 to 30, 2024. During the trip, Recto urged top British companies to invest in the Philippines. | PHOTO: Official Facebook page of DOF
MANILA, Philippines – Finance Secretary Ralph Recto urged top British companies to invest in the Philippines, highlighting mutually beneficial partnerships that benefit both investors and the country’s long-term development goals, including poverty reduction.
According to a news release on Thursday, Recto, along with senior Philippine government officials, met with executives of companies including BP Plc, Actis, Global Infrastructure Partners, Investcorp, Alexander Mann Solutions, and Revolut during the Philippine Economic Briefing in London from Oct. 29 to 30.
“We are very confident that our meetings left British investors with no doubt about the predictability, stability, profitability, and sustainability of doing business in the Philippines,” he said.
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Recto expressed hope that these potential ventures would not only benefit the foreign investors financially but also contribute to the Philippines’ goal of reducing poverty and economic growth.
“And I trust that our dialogues here will open the floodgates of more opportunities for mutually beneficial partnerships – ventures that will not only help them make more money but also enable the Philippines to reduce poverty to single digits and secure a brighter future for every Filipino,” he said.
The Philippine delegation aims to bolster foreign investment in key sectors, such as infrastructure, renewable energy, and digital services.
Actis, a global investment firm focused on energy, infrastructure, and real estate, recently made a $600 million investment for a 40-percent stake in Meralco’s Solar Philippines New Energy Corp. to build Terra Solar, which is set to become the world’s largest integrated renewable energy and storage project.
BP Plc, a global energy giant, operates in the Philippines through its Castrol subsidiary, which distributes automotive lubricants, while infrastructure investment fund Global Infrastructure Partners manages about $170 billion in assets across the energy, transport, and water sectors.
Investcorp specializes in private equity and alternative investment products, while Alexander Mann Solutions provides talent acquisition services and has a major offshore delivery center in the Philippines.
Revolut, a prominent UK fintech company and digital bank, also operates in several Asian markets.
The delegation also met with the British International Investment, which is the UK’s development finance institution, as well as the UK Association of Southeast Asian Nations (ASEAN) Business Council, which links UK public and private sectors to their ASEAN counterparts to grow two-way trade and investment.
Joining Recto were Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, National Economic and Development Authority Secretary Arsenio Balisacan, Department of Energy Secretary Raphael Lotilla, and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr.
Also part of the delegation were Bases Conversion and Development Authority President and CEO Joshua Bingcang; Philippine Economic Zone Authority Director General Tereso Panga; Clark Development Corp. President and CEO Agnes Devanadera; Land Bank of the Philippines President and CEO Ma. Lynette Ortiz; and Government Service Insurance System President and General Manager Jose Arnulfo Veloso. (PNA)