According to UK Ambassador to the Philippines Asif Ahmad, more businesses based in the United Kingdom are strongly considering the Philippines for investment, retail, and expansion opportunities. He said UK businesses that are highly interested in doing so include: an independent oil refining company, a retailer that is currently looking at the capabilities of the country in manufacturing and what it would be like if they were to export to other ASEAN countries, and a British coffee shop chain set to open in the Philippines soon.
Amidst the sluggish recovery of the European economy, Ahmad said the UK government has been urging British businesses to outsource operations offshore.
The ambassador noted that because the Philippines offers affordable workforce and robust economy, even small and medium enterprises (SMEs) based in the UK see the country as one of the best outsourcing destinations in the world. He also explained that as SMEs, they prefer to expand offshore because it would be harder for them to operate in Europe.
Ahmad even addressed the British companies, stating that expanding will be very hard because Europe is experiencing an economic downturn. He added that it will be easier for them to operate in Asia where they can improve supply chain, as well as meet business partners.
Companies that belong to the small enterprise set are those that post sales of about £1 million to £10 million. Medium enterprises are companies that post earnings from £10 million to £50 million pounds.