London Firms Bullish on PHL Due to Economic Dev’t

(PNA) — London-based firms are attracted with the development of the Philippine economy that they are eyeing to do business in the country.

The Lord Mayor of the City of London Alderman Alan Yarrow noted during his two-day visit in Manila that the Philippines has been successful in its economic growth in the past five years with its average of 6.3 percent gross domestic product (GDP) growth and bullish stock market.

“We’ve seen very good economic growth coming out from the Philippines. You have been the country of choice for a number of companies to outsource their back offices because you have very good level of education, you have good command in English language and you have very bright people,” Yarrow said.

“The world is coming to the Philippines. We see it from the GDP growth,” he added.

He said the country can further maximize its potential if it will have better infrastructures, in which London — as the largest and global leader in financial sector — can support the country.

“We can support the Philippiines in the next stage either through financing projects, management or design of your project, or PPP (public-private partnership) projects by way of financing those infrastructure projects,” said Yarrow, who also serves as ambassador for all United Kingdom-based financial and professional services.

Yarrow is in the Philippines to explore prospects here in areas of PPP, financial and professional services.

During his visit, he is set to meet government officials in Department of Finance, Bangko Sentral ng Pilipinas, PPP Center, and Congress.

He, however, noted some issues that the government should further entice foreign investors to venture in the country.

These include predictability of tax regulations, restrictions on foreign investors, and addressing some skills gap.

He urged the Philippines to open up its economy to foreign investors that will help the country to achieve global standards.

“There’s much you should do in terms of international professions. You should be encouraged this professions coming in because it is important to get global standards, and you get global standards by bringing global people in the country,” Yarrow explained. (PNA) FPV/KMC