P-Noy, Cameron recognize contribution of Philippines-British Business Council

MANILA, Philippines - President Aquino and British Prime Minister David Cameron have acknowledged the contributions of the Philippine British Business Council (PBBC) in strengthening and expanding bilateral trade between the two countries.

The two leaders recognized PBBC for its two decades of contributions to bilateral trade and investment between the UK and the Philippines.

“The UK is one of the largest European investors in the Philippines. Your role has been decisive in driving key industry sectors such as agribusiness, energy, IT/BPM, tourism and retail trade,” Aquino said.

Aquino said he hopes new strategies would be created to forge deeper and more meaningful ties between the two countries.

“The UK and the Philippines have had a long and fruitful relationship. The UK is now the largest European investor in the Philippine 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,” Cameron said.

Cameron said PBBC has been an important part of the success story between the two countries as activities and roadshows organized by the group “have undoubtedly helped to deepen our business collaboration in the important areas of infrastructure, transport and public-private partnerships.”

UK exports of goods and services to the Philippines have risen the past decade from about $597 million in 2005 to $640 million in 2014.

Machinery and transport equipment is the largest UK goods export sector to the Philippines, com-prising close to half of total goods exports, while medical and pharmaceutical products and industrial machinery are on the rise.

There is also an increasing number of UK retail brands entering the country with apparel and clothing accessories showing a big jump of almost 70 percent last year.

The UK remains the largest European investor in the Philippines with investments almost doubling $10.8 billion in 2013 from $6.1 billion in 2005.