UK eyes Philippines as trade hub

Reading Time: 3 minutes

container manilaThe Philippines is expected to become the United Kingdom’s gateway to the fast-growing Southeast Asian market as Britain seeks to boost its trade with emerging economies, British officials said on June 17.

UK Trade Envoy to the Philippines George Freeman MP said, at the launch of the new British Chamber of Commerce of the Philippines (BCCP) office in Bonifacio Global City, that the UK would like to become less dependent on the European Union, of which it is a member, with regard to trade, after suffering heavily from the 2008 global financial crisis.

“We needed to start to trade our way out of the crisis. You can’t borrow your way out of the debt crisis. We have £1.2 trillion in debt in Britain… I’ve been talking to the Prime Minister [David Cameron] and the Chancellor [George Osborne MP] about how we need to reorient our trade so we’re less dependent on the European Union,” Mr. Freeman said.

“We have very strong trading relationship with Europe, but the European economy is not growing as fast, partly due to the demographics and partly because of the impact of the banking crisis,” he added.

“But, we see the emerging economies around the world, of which the Philippines is one of the most important for us, as a major democratic powerhouse in the ASEAN region.”

Mr. Freeman, who is one of only 14 envoys appointed by the British Prime Minister to selected high-growth markets, said the UK sees a huge opportunity to invest in the Philippine agriculture, energy, medicine, professional services, digital economy, and luxury goods sectors.

“As a mature economy, we [the UK] have a lot of partner companies which we think can bring a lot of value to this economy… That’s why we prioritize the Philippines as a major trading partner,” he noted.

“The Philippines will become the entry market of the UK to the ASEAN region. We got three more trade missions coming. The Philippines is definitely in the zone right now from the UK point of view,” he added.

Last Tuesday, five energy firms from the UK arrived in the Philippines to check out business opportunities here: Lloyd’s Register Group Ltd., NiSoft UK Ltd., OST Energy Ltd., SgurrEnergy, and Wind Prospect.

UK Trade & Investment Director Iain Mansfield has said trade missions are part of the British government’s efforts to double trade with the Philippines in the next five years.

The goal was announced by UK Minister for Trade and Investment Lord Stephen Green of Hurstpierpoint during his first-ever official visit in Manila last year, said to signify the UK’s strong confidence in the Philippine economy.

The new BCCP office will also facilitate the visit of more small and medium enterprises from the UK to the Philippines.

“What we’re doing is shifting emphasis and giving opportunity to small and medium-sized companies who have not yet discovered the Philippines and guide them on how to do business here,” British Ambassador to Manila Asif Ahmad yesterday said at the same event.

The UK is the largest European and fourth largest overall source of foreign direct investments in the Philippines.

Trade of goods and services between the Philippines and the UK amounted to around £1.2 billion (around P82 billion) in 2012.

Major British companies that are already in the Philippines include Unilever, Shell, Hong Kong and Shanghai Banking Corp. Ltd., Standard Chartered Bank Ltd., Pru Life UK, GlaxoSmithKline, and AstraZeneca.

A number of retail companies from the UK have also successfully set up franchises here, including Debenhams, Marks & Spencer, Speedo, Topshop, Dorothy Perkins, Warehouse, Clarks Shoes, Burberry, Paul Smith, Ben Sherman, Hackett, Dunhill, Lee Cooper, and Mothercare.

Jaguar Land Rover, Mini, Bentley, and Rolls Royce have also established distributorship operations in the country.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 3 minutes

The Philippines is expected to become the United Kingdom’s gateway to the fast-growing Southeast Asian market as Britain seeks to boost its trade with emerging economies, British officials said on June 17.

Reading Time: 3 minutes

container manilaThe Philippines is expected to become the United Kingdom’s gateway to the fast-growing Southeast Asian market as Britain seeks to boost its trade with emerging economies, British officials said on June 17.

UK Trade Envoy to the Philippines George Freeman MP said, at the launch of the new British Chamber of Commerce of the Philippines (BCCP) office in Bonifacio Global City, that the UK would like to become less dependent on the European Union, of which it is a member, with regard to trade, after suffering heavily from the 2008 global financial crisis.

“We needed to start to trade our way out of the crisis. You can’t borrow your way out of the debt crisis. We have £1.2 trillion in debt in Britain… I’ve been talking to the Prime Minister [David Cameron] and the Chancellor [George Osborne MP] about how we need to reorient our trade so we’re less dependent on the European Union,” Mr. Freeman said.

“We have very strong trading relationship with Europe, but the European economy is not growing as fast, partly due to the demographics and partly because of the impact of the banking crisis,” he added.

“But, we see the emerging economies around the world, of which the Philippines is one of the most important for us, as a major democratic powerhouse in the ASEAN region.”

Mr. Freeman, who is one of only 14 envoys appointed by the British Prime Minister to selected high-growth markets, said the UK sees a huge opportunity to invest in the Philippine agriculture, energy, medicine, professional services, digital economy, and luxury goods sectors.

“As a mature economy, we [the UK] have a lot of partner companies which we think can bring a lot of value to this economy… That’s why we prioritize the Philippines as a major trading partner,” he noted.

“The Philippines will become the entry market of the UK to the ASEAN region. We got three more trade missions coming. The Philippines is definitely in the zone right now from the UK point of view,” he added.

Last Tuesday, five energy firms from the UK arrived in the Philippines to check out business opportunities here: Lloyd’s Register Group Ltd., NiSoft UK Ltd., OST Energy Ltd., SgurrEnergy, and Wind Prospect.

UK Trade & Investment Director Iain Mansfield has said trade missions are part of the British government’s efforts to double trade with the Philippines in the next five years.

The goal was announced by UK Minister for Trade and Investment Lord Stephen Green of Hurstpierpoint during his first-ever official visit in Manila last year, said to signify the UK’s strong confidence in the Philippine economy.

The new BCCP office will also facilitate the visit of more small and medium enterprises from the UK to the Philippines.

“What we’re doing is shifting emphasis and giving opportunity to small and medium-sized companies who have not yet discovered the Philippines and guide them on how to do business here,” British Ambassador to Manila Asif Ahmad yesterday said at the same event.

The UK is the largest European and fourth largest overall source of foreign direct investments in the Philippines.

Trade of goods and services between the Philippines and the UK amounted to around £1.2 billion (around P82 billion) in 2012.

Major British companies that are already in the Philippines include Unilever, Shell, Hong Kong and Shanghai Banking Corp. Ltd., Standard Chartered Bank Ltd., Pru Life UK, GlaxoSmithKline, and AstraZeneca.

A number of retail companies from the UK have also successfully set up franchises here, including Debenhams, Marks & Spencer, Speedo, Topshop, Dorothy Perkins, Warehouse, Clarks Shoes, Burberry, Paul Smith, Ben Sherman, Hackett, Dunhill, Lee Cooper, and Mothercare.

Jaguar Land Rover, Mini, Bentley, and Rolls Royce have also established distributorship operations in the country.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid