British Firms Still Willing to Invest in the Philippines

Despite rising inflation and tempered GDP growth, British investors are optimistic about the country’s growth especially once the benefits of the administration’s infrastructure program start to show.

Executive Chairman of the British Chamber of Commerce Philippines (BCCP) Christopher J. Nelson said in an interview that British firms are still looking at the Philippines as an investment site. He also said that the country is still in a good position in spite of the inflation and tempered GDP growth.

“Let’s not forget 6 percent [of GDP growth in the second quarter is still high] in comparison to the [United Kingdom], which is much, much lower—less than 1 percent. We look at it [critically] because we live here. You got to look at it from there looking here. If 6 percent would be occurring in the UK, that would be outstanding. There are various reasons for that, so 6 percent is still a very strong growth rate,” said Nelson.

The BCCP Executive Chairman also added that PH’s young population is still a big factor considered by British firms.

“If you look at your population, it is young [and] it is well educated. I think there is a growing demand for products, growing demand for services. Yes, your growth rate was tempered, but it is still a very, very strong growth rate if you compare it to the UK,” he explained.

British investors remain positive, according to Nelson, of the Philippines because they believe that this administration’s “Build, Build, Build” (BBB) program will provide a huge boost to the country’s business climate.

“If you have improved infrastructure, do you imagine what it could be? I think that we are all in support of these infrastructure projects. There have been various studies in terms of what productivity is lost just by people commuting. That would be a tremendous improvement—the airports on tourism and so forth,” he said.

Nelson believes that the BBB program can provide balance to the country’s rising inflation. If the government can deliver on its infrastructure promise, according to him, foreign direct investments will surely come.

via Business Mirror / Elijah Felice Rosales