Federalism shift, tax reform no big deal
MANILA, Philippines — The proposed shift to a federal form of government as well as ongoing tax reforms are not considered a big deal among British companies looking at investment opportunities in the Philippines, saying they are more concerned about the ease of doing business in the country.
“Whenever I discuss with companies back in the UK, and I had multiple interactions, the number one question is the ease of doing business,” British Chamber of Commerce of the Philippines (BCCP) chairman Chris Nelson said in a briefing yesterday.
“Federalism wouldn’t be top of mind for those companies at the moment. For them it’s where they can go. The foremost in the people’s minds is the ease of doing business,” he added.
With the administration ramping up efforts to further streamline doing business in the country, British firms are further encouraged to invest and do business in the Philippines, according to Nelson.
“Everyone is seeing how they can make that (doing business) easier and there has been various bills to reduce red tape. So overall, the focus of growth is a very attractive story. The Philippines is not next door but there is an opportunity. So if you’re looking at Southeast Asia, this is a country to look at as well,” Nelson said.
Nelson said the Philippines remains a “very attractive market” for British firms that want to invest and do trade.
“UK sees the Philippines today as an important market. Interest level in the Philippines is growing. Clearly it is a country that has done well economically and the infrastructure program could further boost growth,” he said.
Following a successful trade mission in Davao in March last year, the BCCP is set to hold another trade mission next month in Iloilo to promote and highlight business opportunities in the Visayas region.
Nelson said the Iloilo mission is expected to be bigger than the Davao mission, with the BCCP eyeing to bring in at least 25 UK firms to explore business opportunities in Visayas and meet relevant business contacts.
The delegates are expected to represent cross-sector industries such as food and beverage, retail, manufacturing and infrastructure.
Nelson said Iloilo has been chosen as the entire Visayas region is booming and is expected to overtake the country’s economic growth in the next five years.
“In an effort to address Metro Manila’s worsening traffic congestion brought by this growth and to achieve inclusive growth throughout the country, President Duterte’s administration is pushing for decentralization to spur development in the countryside. Major cities like Clark in Northern Luzon, Davao and Cagayan de Oro in Mindanao, and Iloilo in the Visayas are economic hotspots for investment,” Nelson said.