Mainly through the Bank of the Philippine Islands (BPI), which has a wholly-owned subsidiary in London, the Philippines contributes to the “economic growth and business activity in the United Kingdom of emerging markets of Asia in recent years,” according to the British embassy in Manila.
The embassy noted that with the top Philippine bank’s two branches offering savings accounts and remittance services in London, BPI’s presence in the UK is also a step towards expansion in Europe.”
Thus, as a major Philippine investor in the U.K., BPI stands to benefit from Tuesday’s pronouncement of British Prime Minister David Cameron that his Coalition Government is “committed to helping the world’s best companies thrive and grow in the United Kingdom, and is putting policy towards investors at the heart of the country’s economy strategy.”
“We are determined to deliver the pro-business environment investors need; getting the deficit down to create certainty and stability, cutting business taxes, delivering flexible employment and cutting red tape and regulation,” said Cameron, speaking before 100 key investors at the UK Trade & Investment Business Summit in London.
According to the British embassy, “foreign investment in the U.K. has increased from Asia Pacific and South Africa overall as more companies than ever before used it as a springboard for global growth. Japan, India, China and Australia were among the top 10 investment sources.”