British exec to PHL firms: Consider UK as 'investment destination'

After the success of the Bank of Philippine Islands (BPI) in the United Kingdom, a British trade official encouraged Filipino businesses to consider the UK as an investment destination. UK Trade and Investment (UKTI) Manila Director Derek Page said, “We congratulate BPI for its success in the UK, and we are delighted that it is paving the way for the company’s expansion into other European markets." "BPI has taken advantage of the opportunities that the UK presents to international businesses as a springboard to Europe and the rest of the world, and is now reaping the benefits," Page said in a news release of the British Embassy Manila on Thursday. The Embassy said "Recently, the Bank of the Philippine Islands (BPI) disclosed that they are planning to expand in other parts of the European Union under their subsidiary, BPI Europe Plc, with the UK as the location of their European headquarters. They currently have two branches in London." “The UK is the largest source of remittances to the Philippines from Europe and fourth largest source globally. The Philippine community in the UK is estimated at 250,000, and there are more overseas Filipino workers to target throughout Europe. Our UKTI team based in the British Embassy continue to engage with major local companies for making high-level investment into the UK," Page said. According to the Ernst & Young European Attractiveness Survey 2011, the UK remains Europe’s top destination for foreign direct investment (FDI), the embassy said. The embassy said the UK government has taken major steps to show that it is open for business. Early this year it launched "Trade White Paper" plan to help developing countries, including the Philippines, benefit from trade and investment. "Over the next few years the UK will begin an ambitious programme to modernize roads, utilities, ports railways and digital communications, to ensure its infrastructure will be able to support businesses well into the future," the embassy said. The embassy said efforts being made by the UK government to address the deficit, cut red tape and regulation, deliver flexible employment and cut corporation tax by 24%. “We are aware that countries which are serious about improving their economic standing and building sustainable long-term growth need to cultivate a business climate that will attract investors. The UK aims to be a place of long-term success for business," Page said. The embassy said the UK acts as a gateway to Europe, considered the largest single market in the world. Over half of multinationals chose to base their European Headquarters in the UK, the embassy noted. The embassy said the World Economic Forum rated the UK as one of the most competitive places in the world to do business in its 2009-10 Global Competitiveness Report. The embassy also said the OECD rates UK as the country that is most supportive of entrepreneurship in the world. The World Bank also rates the UK as having one of the most flexible labor markets in Europe, it added. - VVP, GMA News