British ambassador lauds P-Noy's vision of making RP 'predictable and consistent place for investments'

MANILA, Aug. 10 –President Benigno Aquino III’s declaration on Monday that the Philippines will be a “predictable and consistent place for investment” and that he will take measures to make the country “attractive to investments” has drawn appreciation from British Ambassador to Manila, Stephen Lillie.

The remarks formed part of the President’s address at the 43rd founding anniversary of the Association of Southeast Asian Nations (ASEAN) held at the Department of Foreign Affairs (DFA), to which diplomats were invited.

“We are very encouraged by President Aquino’s statements during the Asean Foundation Day about fostering a climate open to trade and investment," said Lillie.

"Our government has been actively promoting better economic relations with the Philippines. We are optimistic that the Aquino administration’s commitment to improve the business climate in the Philippines will widen the scope of business relations between our two countries,” the envoy said.

“During my recent trip to London, I have spoken to about 40 or so businesses from a wide range of sectors and they were very receptive to the idea of entering the Philippine market, asking a lot of questions about market access. A good number are already in touch with our UK Trade and Investment team here in Manila to request for assistance,” he said.

Lillie took part in a market clinic for “Doing Business in Asia”, one of a series of events around the UK to boost trade between the UK and 12 Asian countries including the Philippines.

The event provided an opportunity for UK-based businesses to participate in face-to-face meetings with key resource persons from Asian markets, interactive Q&A market clinics, practical support sessions and networking opportunities. The activities are designed to teach more about key opportunities and the current economic and political climate in Asian markets.

The initiative was organized by the Asia Task Force, which was set up by UK Trade and Investment (UKTI) to increase the UK’s trade with 12 emerging Asian markets, including the Philippines.

British Business Secretary Vince Cable has announced the new membership of the Asia Task Force, which brings together high-caliber experts from industry, education and government to provide advice on how to deepen the relationship with the growing Asian markets.

“This is a good way to spread knowledge of the region more widely. Although the market clinics were divided by country, I noticed that some participants from the other clinics sat in on the one for the Philippines. This is a good way for British businesses to develop a more regional approach to entering overseas markets, which is harmonious to the moves to increase integration and connectivity among ASEAN markets.”

Lillie cited the Philippines’ huge potential to attract UK trade and investment, with its skilled English-speaking workforce, independent legal system, strategic location in Asia, and receptiveness to British products and services. He said the key sectors of opportunity in the Philippines include environment, power and renewable energy, education, retail, construction, health care, agri-business and financial services.

UK Trade and Investment (UKTI) is the UK government department that helps British businesses explore trade and investment opportunities around the world and helps promote the UK as an ideal investment site.

UKTI offers expertise and contacts through its extensive network of specialists to shore up more business opportunities between the UK and other countries.

Of the 24,000 UK businesses helped by UK Trade and Investment last year, around 40 per cent were targeting growing markets such as Asia.

The Asia Task Force was set up to increase Britain’s trade with the 12 countries that make up the ATF. The body is drawn from industry to advise government and is co-chaired by the Business Secretary and Lord Powell of Bayswater, representing the private sector.

The Asia Task Force focuses on the markets of China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam.

The 12 key Asian markets covered by the Asia Task Force accounted for 23.2billion pounds (10.3 per cent) of exports of goods in 2009, and 18.1 billion pounds of the UK’s exports of services in 2008.

Vietnam, Malaysia, Singapore, Indonesia and Philippines are among the top 10 global emerging markets, which businesses are considering entering over the next five years, apart from the BRICs, according to a survey of over 540 companies commissioned by UKTI in September 2009 "Survive and Prosper: Emerging Markets in the Global Recession."

The IMF estimates that Asia will grow at 7.1 per cent in 2010 and that growth will maintain a similar pace in 2011 (IMF, April, 2010). China and India will lead Asia’s growth, with 10 percent and 8.8 per cent in 2010, respectively. (PNA)

RMA//GJB

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