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Wednesday, March 16, 2005
RP corruption turns off Brit investors: envoy
By Jessica Banzon-Natad
Sun.Star Staff Reporter
Many British companies are interested to invest in the Philippines, but some are hesitant to push through with their plans because of some corrupt officials in the Philippine government, according to a diplomat.
“Corruption is a major problem of the country, and British companies do not want to do business in countries with corrupt governments,” said British Ambassador to the Philippines Peter Beckingham.
“I talked to British companies in the country, and corruption is one of their major concerns,” he said in a press conference at the Cebu City Marriott Hotel Friday.
Aside from corruption, British companies are also concerned about the Philippines’ security problem and its financial stability.
“We are, however, impressed with the new economic team (Trade and Industry Secretary Juan Santos and Finance Secretary Cesar Purisima) of President Arroyo,” Becking-ham said.
Interested
According to the envoy, British companies are very interested to invest in the Philippines’ energy sector.
“For instance, Shell is a half-British company and they are quite big in Cebu. A British company in Manila is also looking for ways to expand this year,” he said.
The call center business is another area where the Philippines and the UK can explore cooperation on.
“HSBC has a call center in the Philippines. There is no reason why other British companies would not want to put up their call centers here,” Beckingham said.
Furniture
The Philippines, Cebu in particular, should also take advantage of UK’s attraction to Cebu-made furniture.
Beckingham cited a Cebu-based furniture company which has 50 outlets in the UK.
The envoy said Cebu is already well promoted to the British business community because of the “Philippines Investment Conference” organized by British events organizer Euromoney Conferences.
Many of the participants of the conference, which was held at Shangri-La’s Mactan Island Resort last week, were chief executive officers of British firms.
Governor
During the press conference, Beckingham said the Cebu Provincial Government is “very welcome” to further promote Cebu in the United Kingdom.
“In fact, I talked to Gov. Gwen Garcia already, and she said she is going to the UK to do a follow-up presentation to the British business community,” he said.
Governor Garcia led the Cebu team, composed of Cebu Investment Promotions Center managing director Joel Mari Yu, Cebu Visitors and Convention Bureau president Patrick Gregorio and Ng Khai Development Corp. president Wilson Ng, in presenting the business opportunities in Cebu during the two-day investment forum.
(March 16, 2005 issue)
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