PH Embassy in London Hosts Philippine Economic Briefing

LONDON 01 October 2018 —The Philippine Embassy in London hosted the third Philippine Economic Briefing in London from 24 to 26 September to drum up interest in investment opportunities in the Philippines, particularly in infrastructure, energy, and tourism. 

“The top-level Philippine delegation in the United Kingdom leg of the Philippine Economic Briefing aims to update British businessmen and investors on the Duterte administration’s economic reform agenda, the performance of the Philippine economy, and investment opportunities in infrastructure development,” said Ambassador Antonio Manuel Lagdameo.

Philippine Finance Secretary Carlos G. Dominguez III led the Philippine delegation, together with Socioeconomic Planning Secretary Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno, Trade Secretary Ramon M. Lopez, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar, Tourism Secretary Bernadette Romulo-Puyat, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, Bases Conversion and Development Authority President and Chief Executive Officer Vivencio B. Dizon, Deputy Speaker Pia S. Cayetano, and Valenzuela First District Representative Weslie T. Gatchalian.

The delegation also conducted a site visit of the first Jollibee branch in London at Earl’s Court, which will open in October.

In the recent years, more effort has been exerted in reenergising the trade ties between the Philippines and the U.K.  Central bank data shows that net foreign direct investments from the U.K. last semester amounted to around US$36 million, which is seven times more than the number churned in in the first half of 2017.

The Philippine Statistics Authority data also shows that the Philippines exported around US$316 million worth of goods to the U.K., which is 5 percent more than what was exported in the same period in 2017.

In terms of tourism, the number of British tourists visiting the Philippines increased by around 8m percent this year despite the temporary closure of Boracay.

“It is our hope that this economic briefing will contribute greatly in attracting investments that will enable us to unleash the Philippines’ full economic potential,” said the Ambassador. “While the Philippine economy continues to be robust, forging meaningful ties between Philippine and British investors will be critical in enabling us to achieve the ambitious goal of making sure that the Philippines does not lose its economic momentum.”

The first two economic briefings this year took place in Beijing and Tokyo in March and June, respectively. END 

For more information, visit www.londonpe.dfa.gov.ph or https://www.facebook.com/pg/PHLinUK and @philippinesinuk on Twitter.