By THEPHILBIZNEWS STAFF
Finance Secretary Ralph Recto leads the Philippine Economic Briefing in London which was attended by 220 representatives from UK-based companies.
With the theme, ‘PH On-the-Go: Fast-Tracking Economic Progress,’ the Philippine Economic Briefing concluded on a positive note on October 31, 2024, and Recto invited the British companies and executives to think Philippines as their investment destination in the region.
In his presentation, the Department of Finance (DOF) Secretary Ralph Recto highlighted the multiple areas of cooperation between the UK and the Philippines such as in trade and investments, healthcare, manufacturing, tourism, and technology among others. Further noting that the Philippines is the best place to grow their business and make more money.
“Choose the Philippines. Make it happen in the Philippines. Because there is no other country in the world, at this moment, that holds so much potential to boost your investments,” the Finance Chief said.
As of July 2024, the UK serves as the Philippines’ number one source of foreign direct investment (FDI) inflows amounting to GBP 585.74 million, recording a 4,230% increase from last year. Additionally, the Philippine Economic Zone Authority (PEZA) reported a total of 97 registered business enterprises (RBEs) with total investments of Php 202.37 billion and 93,571 total employment.
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) was the first in ASEAN to ease its monetary policy, cutting interest rates to 50 basis points, encouraging investors and establishing a conducive business environment. The BSP is represented by Deputy Governor Francisco G. Dakila, Jr. and has provided key points including: measured approach on a less restrictive monetary policy, financial system continues to pose resiliency, and enhanced financial inclusion through digitalization and digital innovations.
The British Chamber of Commerce Philippines (BCCP) represented by Executive Director/Trustee Chris Nelson joined the event and also noted that, “The report presented by the Philippine delegation only reinforces the fact that the UK remains a significant partner, particularly on trade, which we have continuously witnessed growing over the years.”
Nelson further noted that the British Chamber has witnessed growth in terms of British companies doing business in the Philippines, a result of collaborative efforts alongside the Philippine government and the private sector, on the ease of doing business initiatives, digitalization, and further boosting investor confidence in the country, allowing it to become a significant partner and an economic gateway for British businesses in Southeast Asia.
