18 October 2013 – British and global businesses and investors flocked to a series of events in London highlighting the economic strengths and advantages of the Philippines.

On October 02, Philippine Trade Secretary Gregory Domingo and Finance Secretary Cesar Purisima led a high-level government and business delegation to the “Invest Philippines: Economic Briefing and Trade & Investment Opportunities Conference” held at the renowned St. Ermin’s Hotel in central London.  The event showcased the Philippine economic success story and the continuing positive business outlook for the country in front of top British companies, officials and investors.

In his opening remarks, Philippine Ambassador to the United Kingdom (UK) Enrique A. Manalo pointed out that “now is the best time to do business in and with the Philippines.”  This message was carried forward by Secretary Domingo in his keynote address, citing the remarkable resurgence and sustained growth of the Philippine economy, and the rapidly expanding opportunities for trade and business.

 “It’s exciting times for the Philippines, and we’d like you all to be a part of it,” Secretary Domingo told the gathering.

Close to 200 participants joined the conference, including Lord Stephen Green of Hurstpierpoint, UK Minister of State for Trade and Investment.  Lord Green had just visited the Philippines the previous month, and spoke of strong and increasing Philippine-British business relations.  Trade between the countries, Lord Green noted, “should double over the next five years.”

According to the British government, trade of goods and services between the UK and the Philippines reached £1.2 billion (around Php 83.5 billion) as of 2012.   The UK is also the largest European foreign direct investor in the Philippines.

Leading British companies such as HSBC, Shell, Arup, KPMG and Shore Solutions gave testimonials at the conference in favour of the Philippines.  Many British small- and medium-sized enterprises (SMEs) also took part and learned of the business potential and opportunities for their sectors.    

The visiting Philippine business delegation included members of the Philippine-British Business Council (PBBC) and British Chamber of Commerce – Philippines (BCCP).  They were joined by senior officials of the Bangko Sentral ng Pilipinas, the Philippine Department of Trade and Industry (DTI), and the Public-Private Partnership (PPP) Centre.

The “Invest Philippines” conference was co-organized by the Philippine DTI, the Philippine Trade and Investment Centre-UK and the Philippine Embassy in London, together with Asia House, UK Trade & Investment (UKTI) and UK-ASEAN Business Council (UKABC), with sponsorship from HSBC and Prudential.

The following day, October 03, saw opportunities for the Philippine delegation to meet with counterparts and potential partners.  A conference at The Grosvenor Hotel was organized by UKABC in coordination with the PBBC, the BCCP and the London Chamber of Commerce and Industry (LCCI) for the UK business community and Philippine business delegation.  Entitled, “Open for Business! Practical Advice on doing business in the Philippines,” the conference was geared towards UK SMEs with the intention of giving practical advice and support on doing business in the Philippines.  It also became the venue for the LCCI to encourage interested British businesses to join a trade mission in December it was organizing in conjunction with the UKABC that would explore business opportunities in a high-growth market such as the Philippines.

The ministers for their part visited key financial officials and institutions, including the Lord Mayor of the City of London, and Parliament.     Ambassador Manalo capped the day with an official reception for all mission participants and partners at the Philippine Embassy in London.

The activities coincided with the announcement by London-based ratings agency Moody’s that the Philippines had been rated investment-grade with a “positive” outlook, citing the country’s robust economy performance, sound fiscal and debt management, stable political environment and improved governance.

On October 11, Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima keynoted “The Philippines: Your Business Partner in Asia – Opportunities for UK Businesses in Philippine Economic Zones.”   The event, held at the Simmons & Simmons conference centre within London’s central financial district, saw over 60 potential investors express interest in the comprehensive incentives and initiatives relating to the country’s economic zones.

"In a study by the IFC-World Bank, only PEZA was cited for best practices among economic zones worldwide" said Director General de Lima.  “"PEZA is not only a one-stop shop, but also a non-stop shop."

All Philippine officials saw the missions as highly successful and expressed confidence that these would lead to further expansion of Philippine-British trade and investment.  “There are more British trade and investment missions planning to go to the Philippines within the year” said Ambassador Manalo.  “The stage is set for sustained success for those who do business with and in the Philippines.”  END