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British investors still bullish on Philippines despite headwinds

Philstar.com
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Piles of containers are pictured on the deck of the Ever Alot container ship docked at the empty UK's largest freight port, in Felixstowe, on August 22, 2022, during a dock workers eight-day strike over pay.
Ben Stansall / AFP

MANILA, Philippines — British investors remain bullish on the Philippines despite global economic headwinds that fuel risk aversion, according to the British Chamber of Commerce Philippines.

“I think our investors continue to look ahead because what they look for is the longer-term,” BCCP Executive Director and Trustee Chris Nelson said in an interview with ANC Television on Thursday.

“Of course, will they (British firms) be affected by import costs? Depreciation could make those goods more competitive in the Philippines,” he added.

Britain's economy grew in the second quarter and did not shrink as previously thought, data showed Friday, easing recession fears amid ongoing turmoil over the government's tax-slashing budget.

Gross domestic product expanded 0.2 percent in the three months to the end of June, upgraded from a 0.1-percent contraction, the Office for National Statistics said in a statement citing improvements in data methods.

The news implies that Britain is not in recession, confounding the Bank of England's recent prediction and boosting British Prime Minister Liz Truss as she defends her controversial budget that sparked markets chaos this week.

Friday's upbeat data comes two days after the BoE jumped into the bond market to prevent a material risk to UK financial stability after the budget sparked fears over the public finances. — with a report from AFP

BRITISH CHAMBER OF COMMERCE OF THE PHILIPPINES

UNITED KINGDOM

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