Some more clothing retail brands from the United Kingdom are likely to come to the Philippines this year, due to the country’s improved investment climate, Iain Mansfield, director at the Manila office of the UK Trade and Investment (UKTI) has said.
Speaking to reports at a press conference in Makati City, Mr. Mansfield said about two to four British clothing retail brands are expected to venture into the Philippines this year, in partnership with local retailers.
Giving the reasons for the keenness of the British brands to expand to the Philippines, the official said that Filipinos have money to spend and they like to look good. Moreover, the Philippines also has a flourishing retail industry, he added.
Some UK clothing brands that already have a presence in Philippines include Marks and Spencer, River Island, Speedo, Lee Cooper and TM Lewin.
2014 has already seen the arrival of three trade missions from the UK, and five more trade missions have been lined up for exploring opportunities in various other sectors, besides clothing, Mr. Mansfield said.
In order to promote greater trade and investment ties between the UK and the Philippines, the UK Government has appointed George Freeman as its trade envoy for the Philippines.
The UKTI is planning to organize around 10 webinars for promoting Philippines as a favourable place to do business. Further, to assist British firms keen on setting up its footprint in the Philippines, a new Centre would be set up by April this year in the Fort in Taguig City, the official said.
Although the UKTI is encouraging British firms to invest in the Philippines, it would also like to see more Filipino companies doing business in the UK, he added.
The UK is the fourth largest source of foreign direct investment (FDI) in the Philippines.