NextGen Day

MANILA, Philippines — The Philippines and the United Kingdom have reaffirmed their commitment to expanding their economic cooperation, particularly in the area of investment.

According to a statement released on Thursday, UK Prime Minister’s Trade Envoy Richard Graham paid a courtesy call to DTI Secretary Ramon Lopez on February 16 to exchange information on the two nations’ economic developments and to express interest in future cooperation.

During the discussion, Lopez stated that one of the Philippines’ top priorities for trade and investment is sustainable development, which UK enterprises can investigate. These include renewable energy investments, electric vehicle production, and green metals.

Graham, who represents the United Kingdom, stated that British businesses are interested in investigating potential in the Philippines, notably in infrastructure, renewable energy, the creative industries, and digitalization.

Graham also applauded the passing of important economic legislation such as the Retail Trade Liberalization Act, as well as the Foreign Investment Act and the Public Service Act, which are awaiting President Obama’s signature.

He went on to say that these laws will assist the Philippines attract more British investment.

“(T)hey lauded the major economic reforms and other programs (that) we are implementing,” Lopez said in a Viber message to reporters. “It will certainly encourage those who have previously expressed interest to reconsider investing in key sectors (in) the Philippines, such as telecommunications and logistics, as it will now allow greater foreign investor equity participation,” Lopez said.

According to DTI data, the United Kingdom was the fourth-largest source of foreign investments in the Philippine Economic Zone Authority and the Board of Investments last year.

From PHP2.13 billion in 2020 to PHP13.37 billion in 2021, UK investment promises in the country’s two leading investment promotion agencies increased by more than 500 percent.

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