Philippine conglomerates like SM Investments and Ayala Corp. are being encouraged to invest in the United Kingdom (UK).
Iain Mansfield, the new Manila director of the United Kingdom Trade and Industry (UKTI), recently encouraged large Philippine companies to invest in UK as they “allow 100-percent foreign ownership,” adding that that they are “one of the most open countries to foreign investments in the world.”
“We’ve also received a lot of investments from the Philippines to Europe, but not much,” he said.
“You have a lot of companies, businesses and individuals here in the Philippines who have been doing great in business, generating large amounts of cash flow . . . and we will encourage those companies, those individuals to look at the UK for huge investments,” Mansfield added.
He pointed that UK is now focusing on a massive upgrade in its energy sector, as well as in its real estate or construction sector.
In return, British companies are eyeing invests in different sectors in the Philippines such as retail, agriculture and energy, as well as in public-private partnership (PPP) projects of the government.
He said that the PPP projects that are of interest to UKTI’s are the Cebu-Mactan International Airport through an architectural firm, Bulacan Bulk Water for the building background pipelines, and upcoming projects concerning the Light Rail Transit and Metro Rail Transit.
Mansfield said that British companies specializing and optimizing in energy power sources would also want to “cut power requirements by 10 percent” in the country.
Also, some famous British brands in retail, fashion, automotive and culture will attend a prosperity event in the Philippines, which would focus on the retail industry of the country.
He added that they are looking into the importance of retail and agriculture in the Philippines, as the “sustainability of the retail supply chain” should be maintained.