Ambassador Antonio M. Lagdameo opens the Philippine Economic Briefing in London at the Four Seasons Hote

“The Philippines already has in place great opportunities for those looking for great returns on investments: favourable macroeconomic trends supported by strong domestic demand, increasing contribution of investments and services to GDP, large-scale infrastructure projects, an emerging higher value-adding manufacturing sector and a favourable demographic profile,” Ambassador Antonio Manuel Lagdameo said as he welcomed the speakers and participants of the Philippine Economic Briefing (PEB) in London on 25 September at the Four Seasons Hotel.

The United Kingdom (UK) leg of the PEB drew hundreds of Philippine and British business leaders keen on strengthening Philippine-UK trade ties.

Philippine Finance Secretary Carlos G. Dominguez III led the Philippine delegation together with Socioeconomic Planning Secretary Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno, Trade Secretary Ramon M. Lopez, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar, Tourism Secretary Bernadette Romulo-Puyat, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, Bases Conversion and Development Authority President and Chief Executive Officer Vivencio B. Dizon, Deputy Speaker Pia S. Cayetano, and Valenzuela 1st district Representative Weslie T. Gatchalian.

“I believe the number and caliber of Philippine officials and business leaders joining this year’s economic briefing is a clear indication of our country’s significant interest to engage the UK as it moves toward a more global Britain,” said the Ambassador.

According to the Bangko Sentral, net foreign direct investments from the UK to the Philippines reached around US$ 36 million, up seven times the figures generated in the first half of 2017.

Bangko Sentral data showed that OFW remittances amounted to US$ 2.7 billion as of July 2018 or an increase of 4.5% versus the same period in 2017. Cumulatively, personal remittances increased by 3% year-on-year, amounting to US$ 18.5 billion.

From January to July 2018, cash remittances from the UK to the Philippines grew by 9.9% or from US$ 799.5 million to US$ 856.3 million for the same period in 2017. The UK remains the top source of overseas Filipino remittances in Europe at 35.36% of the total remittances from the region.

Philippine exports to the UK amounted to US$ 316 million worth of goods or 5% more than what was exported in the same period in 2017, based on Philippine Statistics Authority data.

In terms of tourism, the number of British tourists visiting the Philippines increased by around 8% this year despite the temporary closure of Boracay. The Philippines projects 190,000 to 200,000 arrivals from the UK (6% to 10% year-end growth rate) this year, and aims to retain at the 8th spot in terms of the number of visitor arrivals into the Philippines.

The Philippine Economic Briefing in London is hosted by the Embassy of the Philippines in London together with the Philippine Department of Finance, Philippine Trade and Investment Center (Department of Trade and Industry), Bank of China, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, Standard Chartered Holdings and UBS. END