Envoy: British firms want to invest in RP

CEBU, Philippines – The Philippines will be expecting more investments from British companies in the next two years, specifically in the fields of energy, Business Process Outsourcing (BPO), and financial services.

In an interview with British Ambassador to the Philippines Peter Beckingham, he said that the Philippines has become one of the preferred investment sites for British companies, owing to the active promotion of the country to United Kingdom as a good investment site as well as a tourism destination.

Although Great Britain has not been spared from the impact of the global economic crisis, Ambassador Beckingham said the country’s economic figures are now improving as the British government managed to put up strong crisis firewalls such as stimulus package, increased taxes, and re-financing programs for financial institutions.

In his recent meeting with Department of Trade and Industry (DTI) secretary Peter B. Favila, Beckingham said they arrived at a common interest on inviting investments here, at the same time promoting the Philippines to the U.K.

There are over 200 companies in London that are expressing interest to market and make business in the Philippines. Beckingham will have a presentation about the Philippines in London towards the end of this month.

The Ambassador mentioned the country’s strong potential to attract more Bristish-owned BPO companies, as most of them are moving away from India, and are currently eyeing the Philippines as an alternative site because of better and high quality manpower pool.

Knowledge outsourcing is one of the BPO sectors that will pick the Philippines as offshore site, this aside from the traditional call center operations that are also growing, Beckingham said.

He said it is much cheaper to do research works in the Philippines rather than doing it in London.

“India still obviously has more investments,” Beckingham said but the influx of British BPO firms is expected in the Philippines, as the country has gained popularity among companies in the UK.

He mentioned that some BPO companies realized that the Philippines offers more competitive workforce and infrastructure is as good as in Bangalore (India).

Even the British Embassy in Manila is setting up its own call center operation to service VISA processing support services in Tokyo (Japan), South Korea, Hong Kong, and Taiwan. This operation employs 25 people, mostly Filipinos.

Shell Petroleum, a British company will also set up its call center in the country employing over 3,000 workers.   

Beckingham also said there is a growing number of British companies that are interested to invest in the country’s energy sector, investment in Wind Power Energy in Ilocos, and Bio-mass Ethanol plant in Negros.

In the next two years, the Philippines will expect at least US$100 million worth of investments in the power sector.