At least 12 companies from the United Kingdom are seeking access in the Philippine market, the British Chamber of Commerce of the Philippines said Friday.
BCCP chairman Chris Nelson said UK expects doing business in the Philippines to ease now that many British companies have expressed interest in the expanding Philippine economy.
“We have many companies that are here [Philippines] now. There are many more that wishes to come and establish operations here, as well. Right now, we are assisting these companies and we may be able to close some deals soon enough,” he said.
Under negotiations are deals with the retail sector, pharmaceutical, professional and educational services and product distributorship.
The BCCP identified the companies as Guralp Systems Ltd., Westrade Group Ltd., Semaphone Software, Symphony Environment Ltd., Brunty’s Premium Cider, Tectonic Interactive Ltd., PRQA Solutions, Miomni Gaming Ltd., Rosemont Pharmaceutical, Big Oz Cereals, A&C Associates and the University of Derby.
Rosemont and Brunty’s are in the most advanced stages and are just waiting for the potential partners for the go signal.
Investments of the UK to the Philippines have been rising yearly with the expansion of existing projects and the entry of new investors.
The Philippines in the next few months may secure at least two new big investment projects from the UKin the manufacturing sector.
Total investments of UK companies have reached over £5 billion.
“Our companies are looking at more power and energy project as well as infrastructure and investments in food and beverage,” Nelson said.
UK exports to the Philippines rose 44 percent in the first half of 2015 year-on-year.
Bilateral trade between the two countries averages $1.8 billion annually.
Meanwhile, BCCP announced its successful accreditation from the British Chamber of Commerce.
“This reinforces our commitment to strengthening bilateral trade relations between the Philippines and the UK. The Philippine is an emerging market that remains abundant with business opportunities that British companies can take advantage of and we are here to support [them],” said Nelson.
He said the Philippines would also participate in the upcoming International Festival for Business 2016 to held in Liverpool, England.