The Marcos administration is actively courting British investors, encouraging them to choose the Philippines as the location for their business expansion, the Department of Finance (DOF).
Among the prominent British companies that the delegation engaged with were Actis, BP Plc, Global Infrastructure Partners, InvestCorp, Alexander Mann Solutions, and Revolut.
The delegation also held discussions with the British International Investment and the UK ASEAN Business Council.
“We are very confident that our meetings left British investors with no doubt about the predictability, stability, profitability, and sustainability of doing business in the Philippines,” said Finance Secretary Ralph G. Recto, who led the Philippine delegation to London, United Kingdom
“And I trust that our dialogues here will open the floodgates of more opportunities for mutually beneficial partnerships—ventures that will not only help them make more money but also enable the Philippines to reduce poverty to single digits and secure a brighter future for every Filipino,” he added.
Actis operates as a worldwide investment firm specializing in private equity, energy, infrastructure, and real estate asset classes.
In September, it allocated $600 million to acquire a 40 percent share in Manila Electric Co’s Solar Philippines New Energy Corp. for the development of Terra Solar, which aims to become the largest integrated renewable energy and storage project globally.
This investment is currently the largest foreign direct investment in a greenfield infrastructure initiative in the Philippines.
BP Plc stands as a major global energy corporation active in more than 70 countries. Its presence in the Philippines is established through Castrol, responsible for marketing and distributing high-performance automotive lubricants.
On the other hand, Global Infrastructure Partners functions as an investment fund focused on infrastructure in the energy, transport, and water sectors. It manages approximately $170 billion in assets, encompassing 300 active investments across over 100 nations.
Investcorp is recognized as a prominent global manager of alternative investment products catering to both private and institutional clients. Their portfolio includes six asset classes: private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital.
Furthermore, Alexander Mann Solutions is a leading global provider of talent acquisition services, which encompasses recruitment process outsourcing, total talent acquisition, managed services programs, and consulting offerings. Its operations in the Philippines rank as its second-largest offshore delivery center after Poland.
Revolut holds the title of the largest fintech company in the UK. Currently, it operates as a fully-fledged digital bank across Europe and has a presence in key Asian markets, including Japan, Australia, Singapore, and New Zealand.
The British International Investment serves as the UK’s Development Finance Institution and boasts nearly 75 years of experience in supporting emerging markets. Its focus lies in fostering productive and sustainable businesses through long-term, flexible capital to stimulate private sector growth and innovation in areas like South Asia, the Indo-Pacific, and Africa.
Lastly, the UK-ASEAN Business Council acts as an independent liaison for the UK and ASEAN governments, connecting the public and private sectors of both to enhance dialogue and promote reciprocal trade and investment.
The meetings took place on Oct. 29-30, 2024, during the Philippine Economic Briefing in London.
Recto was accompanied by Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA), Secretary Raphael P.M. Lotilla of the Department of Energy (DOE), and Deputy Governor Francisco Dakila, Jr. of Bangko Sentral ng Pilipinas (BSP).
Also included in the delegation were Joshua M. Bingcang, President and CEO of the Bases Conversion and Development Authority (BCDA); Tereso O. Panga, Director General of the Philippine Economic Zone Authority (PEZA); Agnes VST Devanadera, President and CEO of Clark Development Corporation (CDC); Ma. Lynette V. Ortiz, President and CEO of Land Bank of the Philippines (LBP); and Jose Arnulfo Veloso, President and General Manager of the Government Service Insurance System (GSIS).