THE United Kingdom has set aside 4 billion pounds in export finance for the Philippines with focus on renewable energy (RE), agriculture, infrastructure and technology, according to Chris Nelson, chairman of the British Chamber of Commerce of the Philippines .
This commitment was made by UK ambassador to the Philippines Laure Beaufils to improve bilateral trade, according to Nelson in a televised interview.
Nelson said the UK is very keen on RE, agriculture, digital infrastructure as part of the Philippines’ drive to shift to green economy.
Export finance will support UK companies that are supplying Philippine-based firms in these ventures. Nelson said the UK and the Philippines are
looking forward to move their bilateral relations to a high level by forming a joint economic committee.
“ I do think (Philippine) trade with UK trade is sustainable,” Nelson said.
The UK last June launched the Developing Countries Trading Scheme which gives tariff concessions to the Philippines.
Nelson said the P4.7-billion investment of Unilever which was inaugurated last Friday in General Trias, Cavite shows the high level of interest of UK companies in the Philippines.
British businesses also support moves to extend the preferential tariff on pork and the proposed anti-agricultural smuggling act, he added.
Nelson said a trade mission from the UK is scheduled by the end of the year to explore projects in the Philippines while the annual Great British Festival will take place in January to highlight British products and services such as food, beverages, finance and cybersecurity as well as music and culture.
