British firms eyeing opportunities in Visayas

Nelson said BCCP targets to bring in 50 firms based in the United Kingdom as delegates to the business mission in the Visayas. (Photo: British Chamber of Commerce Philippines/Facebook)

MANILA— British companies are now eyeing business opportunities in Visayas as they a set trade and investment mission to Iloilo next month.

British Chamber of Commerce Philippines (BCCP) Chris Nelson said in a briefing Friday that the business group is organizing the business mission to Iloilo from March 8 to 9, in line with the British Embassy’s Great Festival.

Nelson said BCCP targets to bring in 50 firms based in the United Kingdom as delegates to the business mission in the Visayas.

He cited British companies that are interested to tap opportunities in the country’s infrastructure sector — be it transport infrastructure or ports, among others.

This is in line with the Duterte administration’s Build, Build, Build Program which accelerates infrastructure projects across the country.

The BCCP chief considers the Visayas a new growth opportunity area for UK firms as this part of the country is expected to grow 7.7 percent to 8.3 percent in the next five years.

Data from the Philippine Statistics Authority showed that from January to September 2017, approved investments in investment promotion agencies from UK companies increased by 10.9 percent to PHP4.79 billion from PHP4.32 billion in the same period in 2016.