PHL Delegation Courts British Investors

Finance Secretary Ralph G. Recto led a high-level Philippine delegation to London this week, aiming to attract British investment across diverse sectors including renewable energy, infrastructure, finance, and digital banking as part of the Philippine Economic Briefing held from Oct. 29 to 30, 2024.

Engaging top British firms such as Actis, BP Plc, Global Infrastructure Partners, InvestCorp, Alexander Mann Solutions, and Revolut, Recto’s delegation highlighted the Philippines’ strengths as a stable, profitable, and sustainable destination for foreign investment.

“We are very confident that our meetings left British investors with no doubt about the predictability, stability, profitability, and sustainability of doing business in the Philippines,” Recto stated.

He underscored that these dialogues could lead to “more opportunities for mutually beneficial partnerships,” and expressed hope for projects that could “reduce poverty to single digits and secure a brighter future for every Filipino.”

British companies are no strangers to the Philippine market. Actis recently made headlines with a USD 600 million investment, securing a 40% stake in Meralco’s Terra Solar project, poised to be the world’s largest integrated renewable energy and storage initiative.

BP Plc already operates in the country through its high-performance automotive lubricant brand Castrol.

Global Infrastructure Partners, managing around USD 170 billion across 100 countries, is another player Recto’s team connected with, alongside other financial giants like InvestCorp, British International Investment (the UK’s Development Finance Institution), and the UK ASEAN Business Council.

Talent acquisition leader Alexander Mann Solutions and UK-based fintech Revolut, which operates as a full-fledged digital bank across Asia, were also present, each with expanding footprints in the Philippines.

Recto was joined by National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Department of Energy (DOE) Secretary Raphael Lotilla, and key representatives from the country’s banking and investment sectors, including Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila, Jr., and Land Bank of the Philippines CEO Ma. Lynette Ortiz.

The consolidated effort aimed to showcase the country’s openness to foreign partnerships and investment incentives.

This outreach to British investors reinforces the government’s commitment to fostering an investor-friendly environment, bolstering private sector growth, and advancing the country’s socioeconomic goals.