UK billionaire Richard Branson urges businesses to fight corruption

MANILA, Philippines - Businesses need to be at the forefront of the fight against corruption and embrace competition to succeed, one of the world's top billionaires and philanthropists said on Wednesday.

"We are trying to get business leaders to never ever be tempted to bribe public officials. I think if every business leader does that, then public official will not ask for bribes," said Richard Branson, founder and chair of the British firm Virgin Group.

"Businesses are in a position of putting it right. This is one area where businesses need to stand out," he said in a forum sponsored by the ABS-CBN News Channel in Pasay City.

Branson placed 286th in this year's Forbes magazine's billionaire list with a net worth of $5.5 billion.

The 65-year-old high school drop-out currently operates the Virgin brand in airlines, financial services and even spaceflight industries. 

In 1994, he sold his recording venture Virgin Records for $1 billion and saw his beverage subsidiary, Virgin Drinks, lose to competition with Coca-Cola Co. in 2007.

Commenting on the Philippine business landscape, Branson said rule of law is an vital ingredient in a democracy and that local companies will need to embrace more competition.

He voiced out support to the opening of more industries to more competition, something the incoming Duterte administration has vowed to prioritize once it takes office by noon of June 30.

"The country is dominated by 20 very big companies. It is difficult for foreign companies to invest in many sectors here and I am not necessarily sure if that is in their interest," Branson said.

"If you have too much protection, it means you don't get enough competition and consumers don't benefit. A little bit more competition from overseas will be good," he said, adding that he would "love to come and bring the Virgin magic" in the country.

While the country has gone better since the last time he visited it two decades ago, Branson said "thousands and thousands" of entrepreneurs are needed to continue the Philippines's fast growth story.

He advised young people to pursue entrepreneurship and for the education system to provide an avenue to develop more business-minded individuals "who will just do it."

"If you are thinking to go in the business, if you have a good idea and your idea can create positive impact on other people's lives, my advise is to just do it and give it a try," Branson said.