THE British Embassy said it is hoping the upcoming general elections in May next year will not, in any way, affect investments in the country.
United Kingdom Trade and Investment Manila Director Iain Mansfield said they would be closely monitoring the 2016 Philippine elections, where the country will be electing a new president.
“There is a wait-and-see attitude on the elections. We hope that whoever gets elected, they will follow through on the public-private partnership [PPP] projects that have already been identified,” Mansfield said.
He added: “The next administration has the right to do new projects, but they have to honor commitments of the previous government. If everything gets scratched, nothing gets built.”
According to the key sector opportunities identified by the British Embassy, the major sectors for PPP projects identified by the Philippine government include those in rails, roads and airports, power, health care and agriculture infrastructure, along with those in the education and tourism industry.
The Philippine government has established its PPP Center to oversee the rollout of priority projects. The British Embassy noted that in 2013, PPP projects, with a total cost of over P200 billion, have been prioritized.
Other key sector for opportunities identified by the British government include environment, financial and professional services,information-communication technology, renewable energy and retail.
“In 90 percent of the PPP projects, British companies are taking part in the bidding,” Mansfield said.
Major UK companies with operations in the country include Unilever, Shell, HSBC, Standard Chartered, Pru Life, De La Rue, GSK, AstraZeneca, Diageo, G4S, Arup, JCB, Intertek and Halcrow
The UK is the highest European investor in the Philippines, with a net foreign direct investment stock of over $5 billion.
For the first half of the year, UK exports to the Philippines were also up 44 percent as compared to the same period last year.