FIVE British companies have expressed interest in setting up shop in the Philippines, a foreign business chamber official said.
“There are five British companies still studying to set up business in the Philippines,” said Chris Nelson, chairman of British Chamber of Commerce Philippines, at the sidelines of Thursday’s Dutertenomics Forum.
Nelson did not identify the companies but said they were in the cosmetics, water, software, lubricants and medical devices sectors.
He noted that two British firms – Seagard and YLF Contracts and Costs Solutions — had recently invested in President Rodrigo Duterte’s hometown of Davao.
During the forum, Trade Secretary Ramon Lopez encouraged investors to locate in the Philippines, which he said would provide additional value and profits.
“The initiatives under Dutertenomics can help support investors by creating an environment where companies can do business swiftly and efficiently,” Lopez said, stressing that ongoing infrastructure projects would link the country’s industries and power the growth of an already strong economic base.
Investors can fully recoup their investments as their businesses enjoy the benefits of operating in a fully industrialized and secure business environment, he claimed.
“The hallmark of Dutertenomics is to attain growth with equity, that is, addressing inequality while reducing poverty across the regions towards improved quality of life for all,” Lopez said.