PH and UK to Increase bilateral Trade
by FFE PH News staff
Lord Stephen Green of Hurstpierpoint, British Minister of State for Trade and Investment, sees that bilateral or two-way trade between the Philippines and UK will double in the next five years.
In a briefing on Tuesday, the minister says that this can be achieved if businesses from both countries are encouraged to look for new opportunities through trade missions. A Filipino trade mission is set to visit Britain in two weeks’ time for this very purpose, he adds.
“We’re hoping that there will be a big number of Filipino businesses joining that trip.”
Data from the British Embassy in Manila shows that bilateral trade of goods and services hit £1.2 billion last year. More companies are also expanding and entering the Philippine market, among them men’s wear brand TM Lewin, auto manufacturers Bentley and Rolls Royce and Airbus.
In the same briefing, Trade undersecretary Ponciano Manalo Jr. says that products and services in the following sectors will be welcome in Britain: business process management (BPM), automotive parts, creative services and processed and consumer-packaged food.
Some of the British companies that have found success in the Philippines include Unilever, Shell, HSBC and Standard Chartered.