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By Katrina Mennen A. Valdez, Reporter
WHILE the Philippines is “politically stable” the British
Ambassador to the Philippines urges President Gloria Arroyo to relax
the country’s economic policies to open up the market and
encourage foreign investments.
Peter Beckingham told The Manila
Times in a round table briefing that though the country is
politically stable, the Philippines should be more receptive to
foreign investors and relax its economic provisions.
“President Arroyo would leave a
legacy to the Philippines if she would be able to open up all
industries to foreign investors, because that is one of the
[country’s] biggest constraints,” Beckingham said.
Sectors that can be opened up for
foreign investors, particularly British businessmen, are media,
education, utilities and land ownership.
The British Ambassador said that
most of the top 100 London-based companies are eyeing to invest in
the country, “probably this year or early 2008.”
At present, large UK-based firms
in the Philippines include Standard Chartered Bank, Marks and
Spencer, Body Shop, and Debenhams. Financial firms like Prulife,
Hong Kong Shanghai Banking Corporation and Barkley Capital
Financial, and energy-oriented companies like the British gas and
Malampaya gas field operate in the country.
Though the country is not as
strong as Singapore and Hong Kong as bilateral trade partners of the
UK due to cultural affinity, Beckingham said the Philippines could
compete head-on with these countries if the Philippines would open
itself to foreign competition.
“Liberalization is a major key
to beef up the economy of every country. This is being practiced by
most developed countries. Actually, it is their people who benefit
the most,” Beckingham said.
Recent data show that UK exports
to the Philippines reached £243.5 million. In terms of the UK’s
share of world exports to the Philippines, the UK remains in 15th
position after Japan, USA, Saudi Arabia, Iran, Germany and the
Philippines’ regional neighbors.
Philippine exports to the UK
stood at £755.5 million. These include electrical and office
equipment and machinery, apparel, miscellaneous manufactured
material, road vehicles, fish products, textile fibers, and yarn and
made up articles.
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