Economic team makes investment pitch in UK

MANILA, Philippines — A high-level Philippine delegation led by Finance Secretary Carlos Dominguez flew to London to brief British investors on the investment opportunities in the country, the Department of Finance (DOF) said over the weekend.

During the London leg of the Philippine Economic Briefing (PEB), members of the Duterte Cabinet would update the British business community on the progress of the administration’s economic reform agenda, particularly its Comprehensive Tax Reform Program (CTRP) as well as the performance of the Philippine economy.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo and other Cabinet officials will also brief investors on the reforms in the Philippines’ budget system and monetary and fiscal sector.

They will also present the investment opportunities under the Duterte administration’s infrastructure program, which  includes the flagship New Clark City project which is envisioned to be the country’s next big metropolis and agro-industrial hub.

Investment opportunities in the energy and tourism sectors will also be discussed during the PEB, the DOF said.

Aside from the PEB, the delegation will also take part in a business roundtable in London organized by the Philippine Trade and Investment Center (PTIC) to discuss with the leaders of British business chambers the Build Build Build program of the Duterte administration.

The delegation will also tour the first London branch of Philippine fastfood giant Jollibee, which is located along Earl’s Court Road.  Jollibee’s first London branch is slated to open in October.

Other members of the Philippine delegation include Socioeconomic Planning Secretary Ernesto Pernia, Budget Secretary Benjamin Diokno, Trade and Industry Secretary Ramon Lopez, Transportation Secretary Arthur Tugade, Public Works Secretary Mark Villar, Tourism Secretary Bernadette Romulo, Bases Conversion and Development Authority president Vivencio Dizon, House of Representatives Deputy Speaker Pia Cayetano and Rep. Weslie Gatchalian.

 In 2017, the United Kingdom was the eighth largest source of foreign tourist arrivals in the Philippines with over 180,000 British nationals visiting the country.

 BSP data also showed that net foreign direct investments from the UK reached $36.37 million in the first half, over seven times the $5.02 million recorded the same period last year.

Total bilateral trade between the Philippines and the UK also reached $987.4 million in 2017. Philippine exports to the UK amounted to $480.6 million, while imports from that country reached $506.8 million.