UK aims to increase trade with PHL

The United Kingdom sees its trade with the Philippines doubling within five years as London and Manila note increasing interest of British and Philippine governments to develop ties, key officials of the two countries said. 

 

"On the trade side, the market share of Philippines is less than a percent. And Britain's share to Philippine trade is less than a percent," Lord Stephen Green of Hurstpierpoint, UK Minister of State for Trade and Investment, said in a briefing Tuesday.  

 

"We will continue to focus more on the opportunities for goods and services and expect the number to double in the next five years," he said. 

 

UK exports to the Philippines was valued at 550 million pounds (estimated P3.824 billion), data provided by the British Embassy Manila showed. 

 

Two-way trade of goods and services between the two countries amounted to around 1.2 billion pounds (estimated P83.45 billion) in 2012, it added. 

 

Lord Green is in a three-day visit to the Philippines in line with UK's commitment to boost its trade and investment links. 

 

Moreover, British companies continue to eye the Philippines, especially now that Manila has snagged the coveted investment grade from global debt watchers Standard & Poor's and Fitch. 

 

Lord Green noted that there is strong interest in the financial, retail and business process outsourcing sectors. 

 

"We continue to work on some things making things easier. With this, we think we will improve the attractiveness of the country," Finance Secretary Cesar Purisima said at the same briefing. 

 

"We're very young [economy] and right at the heart of the most dynamic economic region in the next 30 years is more attractive," he noted. 

 

Major British companies that are in the country include Unilever, Shell, HSBC, Standard Chartered, Pru Life, De La Rue, GSK, AstraZeneca, Diageo, G4S, Arup, and Halcrow, among others. 

 

The two countries also welcomed news that flag carrier Philippine Airlines will soon mount Manila-Heathrow flights. 

 

Philippine Airlines is expected to return to Europe on November 4, after the International Civil Aviation Organization (ICAO) lifted a ban on Philippine carriers.  

 

This "is extremely good news," said Lord Green.  

 

For the Philippines' part, Purisima said, "It's a good news for bilateral trade and tourism. We have high hopes that there will be enough commercial reasons for other airlines to mount more flights." 

 

"That we have been given permission to fly to Heathrow makes our return much more meaningful... We take this as a strong vote of confidence by UK authorities in PAL's ability to bring in the passenger traffic volume worthy of the world's top airlines," Ramon Ang, PAL president, said in a statement Tuesday. 

 

"With the new direct air links, our country is looking at a potential windfall in tourism, trade and investment from Europe," he added. 

 

In 2012, one third of the estimated 349,000 European visitors to the Philippines came from Britain. In the first half of 2013, arrivals from UK reached 60,234. — OMG/GMA News