MORE than 700 British companies are interested in expanding their businesses in the Philippines, noting the country’s robust growth driven by big consumer spending.
The British Chamber of Commerce in the Philippines (BCCP) said its chairman, Chris Nelson, and the Secretary of British Foreign and Commonwealth Affairs, Philip Hammond, recently met with potential UK investors to the Philippines, as well as British business communities and Philippine corporate representatives to discuss potential entry and expansion of more British firms in the Philippines.
The BCCP said in a statement more than 700 British companies “have expressed intent in expanding their business in the country.”
3BCCP Chairman Chris Nelson said UK businesses wanting to invest in the Philippines would be aided by initiatives of the chamber to successfully penetrate the local market.
Despite some constrictive government regulations for potential investors, the interested British firms, according to BCCP, saw the Philippines as a “target market” because of the country’s growing economy, driven high consumer spending.
The BCCP said the firms are mostly small and medium enterprises in the UK, mostly in “popular sectors,” such as food and beverage, retail, information and communications technology, and pharmaceutical industry.
Aside from Nelson and Hammond, the meeting was attended by Asif Ahmad, the British Ambassador to the Philippines, and Anthony Huang, president of Tantoco-led luxury retailer SSI Group Inc., among others.