British businesses are looking to expand into the Philippines, says Adrian S. Cristobal, Jr., Trade and Industry undersecretary for international trade group.
As Cristobal explained, “Our English-speaking business environment, multicultural sensitivities, and strategic location in Asia are attractive for British companies seeking to expand its business in Southeast Asia.”
There are already a number of large British companies that operate in the Philippines, including HSBC, BP, LogicaCMG and Shell.
Key Power in East Asia
Recently, the UK has started to see the Philippines as a key power in East Asia. The Philippines has a 7% economic growth rate in 2010 and they’ve had a high increase in bilateral trade between the Philippines and the UK. The exports that the Philippines has to the UK include tuna, parts of automatic data processing machines, motor vehicle parts, desiccated coconut and more.
The Philippines receives from the UK electronic integrated circuits, uncoated paper and paperboard, newsprint, parts of electronic apparatus, books and more. The UK has cited the Philippines as “one of the largest and a key player in ASEAN.’