British investors, impressed with Duterte

British investors, impressed with Duterte

- British investors were impressed with the new administration under Philippine President Rodrigo Roa Duterte

- According to trade envoy Richard Graham of the United Kingdom, Duterte's iron-fisted leadership combined with new objectives to foreign investments laws inspired the British' interest

- The British diplomat also said that in addition to the four British companies with investments in the Philippines, newer and bigger investments may be coming in as the administration reviews the current 60-40 foreign business ownership policy mandated by the Philippine Constitution

The Duterte administration has impressed Great Britain's investment community with its clear "rule of law", says a British envoy.

According to Richard Graham, the trade envoy to the United Kingdom Prime Minister, the changes made by the Duterte administration has translated as positive signals which appeal to British businesses. He also added that Duterte's strong leadership and new thrusts and objectives in attracting investments appealed to the foreign investors.

Following Britain's exit to the European Union, the British government has been strengthening its Asian trade ties - and as part of the initiative, Graham, together with other diplomats visited Cebu on Friday, August 26, and met with the officials of GMR-Megawide Cebu Airport Corp., and Lapu-Lapu City Mayor Paz Radaza.

British investors, impressed with Duterte

Richard Graham, trade envoy for the Prime Minister of UK. (Photo credit: philstar.com)

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Despite the nice words, the British Parliament urged the Philippines to improve its economic presence by improving its visibility and generating more promotions in the United Kingdom.

While the British government showed concern on the controversial extra-judicial killings, Graham is confident that the Philippine government leaders can have the issue fixed.

Graham also said that the Philippines move for de-regulation, particularly when it comes to the 60-40 foreign rule on business ownership for foreign companies in the Philippines has gotten the British investment community finds interested.

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In the existing provision of the 1987 Constitution, foreign ownership of companies in the Philippines is limited to 40 percent.

If the 60-40 rule on business ownership in the country is lifted, the diplomat said the Philippines may be looking at more investments from big British entities, such as schools, and pharmaceutical manufacturing, among others.

As of press time, however, at least four British companies are already working with GMR-Megawide to supply and provide services to the airport management and for the construction of the new Terminal 2. - Kami Media

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