THE British Chamber of Commerce Philippines (BCCP) on Monday expressed confidence that it could attract more British small and medium enterprises (SMEs) to the Philippines, especially in food, beverage and retail businesses.
Chris Nelson, BCCP chairman, painted a rosy outlook for Philippine-British trade in the incoming year, citing what he described as the sustained interest of Britain-based SMEs in the country.
“The key for British companies is that they see the opportunities here; and they’ve seen their colleagues seize the opportunity. The focus now will be on what [had] happened [in the past year]. I think the retail sector, especially those in food and beverage, have done well,” Nelson said during a luncheon conference with reporters.
Interest in trade in goods and services remain high, given the success of the UK retail chains, such as Waitrose and Costa Coffee, Nelson added.
The two British brands have already closed distribution agreements with local companies to establish presence in the Philippines last year.
Other areas of interest to British SMEs are in software, engineering services and pharmaceuticals.
“What we want to do is more sector-specific in our promotions. There’s a really wide interest level in sectors in [the Philippine] market,” Nelson added.
The BCCP, through its Business Support Service (BSS), has already assisted 20 British companies to find local partners since the year began, with most of the firms engaged in the distribution of pharmaceutical products. Some of these firms are Bruntys Cider, Allied Pharmaceuticals and Rosemont Pharmaceuticals.
Since the BSS started in 2014, the BCCP has facilitated the entry of some 700 British companies in the local market.
For outbound promotion, Nelson said he is poised to make a pitch to UK firms at the British Chamber of Singapore’s Trade Mission event in the city-state in February.
A major event in the pipeline is a joint promotion effort with the UK Trade and Investment Office in June this year, and to host British companies in the sectors of power and renewable energy.
According to the BCCP, UK exports to the Philippines grew by 44 percent in the first half of 2015.
Based on data from the Department of Trade and Industry, total trade between the Philippines and Great Britain (the UK and North Ireland) has amounted to $586 million from January to August 2015.
Bilateral trade has averaged around $1.8 billion annually, the BCCP said.