By Chino S. Leyco
Cabinet officials led by Finance Secretary Carlos G. Dominguez III will hold a three-day visit to United Kingdom this week to brief British investors on the business opportunities in the Philippines.
Finance Secretary Carlos G. Dominguez III . (Manila Bulletin file photo)
In a statement, Dominguez said that during their three-day mission to London, they aim to encourage investors to consider the country’s infrastructure, energy and tourism sectors for possible investments.
Dominguez also said that delegation to explore ways to further expand economic cooperation between the Philippines and the United Kingdom.
Based on the itinerary of the delegation, the government will hold a Philippine Economic Briefing (PEB), and they will also take part in a Business Roundtable in London organized by the Philippine Trade and Investment Center (PTIC).
During the PTIC roundtable, the Philippine officials will discuss with leaders of British business organizations and other groups the “Build, Build, Build” program as well as the role in global trade, and the Philippines’ industry, manufacturing and services sectors.
The other members of the delegation are Secretaries Alan Peter Cayetano of the Department of Foreign Affairs, Ernesto Pernia of the National Economic and Development Authority, and Benjamin Diokno of the Department of Budget and Management.
Also included are Secretaries Ramon Lopez of the Department of Trade and Industry, Arthur Tugade of the Department of Transportation, Mark Villar of the Department of Public Works and Highways, and Alfonso Cusi of the Department of Energy.
Secretary Bernadette Romulo Puyat of the Department of Tourism, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo; and Vivencio Dizon, of the Bases Conversion and Development Authority also joined the visit.
The delegation will also tour the first store in London of Filipino fastfood giant Jollibee, which is located along Earl’s Court Road. Jollibee’s first London branch is slated to open in October.
Net foreign direct investments from the UK based on BSP data was recorded at $36.37 million in the first half of 2018, representing a 624 percent increase from the $5.02 million during the same period in the previous year.
Total bilateral trade between the Philippines and the UK was $987.4 million in 2017. Philippine exports to the UK amounted to $480.6 million while imports from that country reached $506.8 million in 2017.
In 2017, the UK was the 8th largest source of foreign tourist arrivals in the Philippines with over 180,000 British nationals visiting the country.