MANILA – Trade Secretary Ramon Lopez said he met with members of the United Kingdom – Association of Southeast Asian Nations (UK-ASEAN) Business Council (UKABC) to discuss investment opportunities in the Philippines, during a roadshow in London this week.
The roundtable discussion, where he was joined by Philippine Ambassador to UK Antonio Lagdameo and British Ambassador to the Philippines Daniel Pruce, was the trade chief’s last stop for the roadshow.
In a text message received by reporters on Friday, Lopez said he discussed investments in new technology solutions, social enterprise models, sustainable projects, financial technology, and financial inclusion to the UKABC.
The DTI has been pushing for innovation-driven industries, thus needing more investments in new technology in the country.
The agency has also rolled out policy to promote social enterprise models, such as the inclusive business (IB) model. DTI’s investment promotion agency, the Board of Investments (BOI), provides incentives to business operations using the IB model.
Lopez also assured members of the UKABC government’s commitment to a hassle-free business environment through the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 or the EODB law. The law’s Implementing Rules and Regulations is expected to be released by next month.
Meanwhile, prior to the roadshow to London, Lopez said the Philippines and UK are seeking to forge a bilateral trade agreement in preparation for “Brexit” or UK’s exit from the European Union (EU) by March 2019.
It is feared that Philippine exporters might lose the Generalized Scheme of Preferences Plus (GSP+) benefits when exporting to UK once Brexit takes place next year. Under the GSP+, 6,274 goods enter the EU market with zero duty.
Data showed that the Philippines exported some 6.6 billion euros worth of goods to EU countries in 2016. (Kris Crismundo/PNA)