Trade diplomat sees UK investments rising in Phl

CEBU, Philippines - More companies in the United Kingdom will invest into the Philippines in the near future with the sustained good trade and economic relations between the two countries, the UK Trade and Investment Manila announced.

UKTI Director Iain Mansfield disclosed that the total investment of UK businesses in the Philippines is currently estimated at $2 billion with around 200 firms operating here.

In an emailed statement sent to The Freeman, Mansfield cited some British investors already doing business particularly in Cebu.

One major foreign firm operating in Cebu is the Surface Technologies International, a high-tech electronics manufacturer, which employs about 300 Filipinos in highly skilled roles.

"The British retail scene is also booming in Cebu, with well-known brands such as F&F and Mini having recently opened outlets (in Cebu)," he mentioned, adding that some UK engineering companies are, in fact, also involved in the redesigning of the Mactan-Cebu International Airport.

In the same way, he said, some Filipino businesses have also started to invest in the UK.

Emperador, for instance, recently invested P32 billion to buy Whyte & Mackay, a Scotch Whisky producer. BPI and PLDT Global have also started operations there.

The director also shared that a spokesperson of Metro Pacific Investments Corporation announced earlier this month that the management firm was actively eyeing investment opportunities in the UK.

"We look forward to continued healthy collaboration in a wide range of sectors," Mansfield said.

According to the official, the approval of the Banking Liberalization Act will allow existing and new foreign banks to expand in the Philippine financial sector. The Senate passed last June 9 Senate Bill 2159 or an "An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines" which allows full foreign ownership of Philippine banks.

In addition, the country's increasing energy needs – driven by strong growth – offer UK investors the opportunity to provide power in both long term and short term bases.

"World class UK engineering firms are actively looking to enter into partnerships with local companies, to work together on the Philippine government's ambitious infrastructure program including the public-private partnerships," he said.

The official assured the two nations can expect many significant partnerships across a wide range of sectors in the future.

In his recent visit in Cebu, Colin Glen, the embassy's second secretary, earlier said the two-way investment should further be strengthened so that local players can forge commercial partnerships and explore trade opportunities.  (FREEMAN)