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During the recent launch of the Philippine Learning Center for Trade and Investment Policy (PLACE), UK  Ambassador to the Philippines Peter Beckingham said that UK also intends to import good from the country, such as clothing, baked food products, coconut oil and coconut products. This he said as he confirms that British businesses are keen to increase trade with the Philippine in the next few years, particularly in financial and outsourcing services.

Bilateral trade between the Philippines and the UK is worth around $2 billion annually, with the balance in the Philippines’ favor. Beckingham said the UK is a big exporter here of transport equipment, more specifically for the car sector, some retail goods and pharmaceutical products.

Beckingham also said that apart from increasing trade with the country, British firms are also planning to invest in the business process outsourcing (BPO), energy and mining sectors, which he said involve new investments and expansion plans.

He noted, “We hope that all of those sectors can be developed in the next few years. British companies find this is a good country to work in.”

UK is considered to be one of the largest foreign investors in the country. It already has made major investments in the country, concentrating in power, energy, agri-business, transport, water and financial services. But in spite of all these, Beckingham said that his government hopes that the Philippine liberalizes more sectors to foreign ownership.

“That’s an economic provision of the Constitution which we hope after the election would be changed or removed. There are also areas in governance where we would like to see more playing fields, like in some areas of taxation, for example,” Beckingham said.

The PLACE, meanwhile, is the first and premier private sector-led trade policy and training center in Southeast Asia. It is designed to train and equip private stakeholders with knowledge and information on trade policy and negotiations.