Foreign ownership is generally allowed, although limited in selected sectors. However, partnering with a franchisee is becoming increasingly common.Ī company may also choose to set-up a local office in the Philippines. selling to the government as specified by the Republic Act (RA) No 9184Īppointing an agent or distributor is the most common method.setting up a local office (sole proprietors, partnerships and corporations).UK companies can approach the Philippine market in several ways, including:
#Philippines main exports professional#
Opportunities for UK businesses in the PhilippinesĬontact for more details on opportunities around financial and professional services. Shell’s most recent investment was valued at USD 5 billion. The UK is one of the largest European investors in the Philippines. essential oils, perfumes, cosmetics, toileteries.optical, photo, technical, medical, etc apparatus.nuclear reactors, boilers, machinery etc.Top 10 UK exports of goods to Philippines (2014): Latest available information shows that UK export of goods were up by 44% for the first half of 2015. Bilateral trade in 2014 was USD 1.2 billion with UK good exports to Philippines valued at USD 601.2. UK exports of goods and services in 2013 were about £510 million. Almost a quarter of the country’s labour force works abroad, including an estimated 250,000 Filipinos now living and working in the UK. Remittances play a major role in the Philippines economy contributing to growth. It has consistently positive economic growth and an expanding middle class who like foreign consumer goods. The Philippines is a consumption driven economy. The forecast for 2016 is 6%, the best growth outlook in Association of Southeast Asian Nations (ASEAN) according to the Organisation for Economic Cooperation and Development (OECD). The Philippines economy grew by 5.8% in 2015 following year-end strong performance in the services sector. You should ensure you take the necessary steps to comply with the requirements of the UK Bribery Act. You should hire a broker or local lawyer to help you deal with the necessary formalities.Ī local partner or distributor may also be necessary. restrictions on ability of foreign individuals to practise in some professions.restricted participation in public procurement.restrictions on foreign ownership of companies, land and investment in certain sectors.corruption, which is improving, but remains a significant problem.bureaucracy, as paperwork requires many signatures before final approval.The risks can be overcome, but they do require a commitment in time and resources. The Philippine market can present challenges for UK companies. skilled workforce and competitive wages.economy boosted by over USD 24 billion in overseas remittances.12th largest country in the world in terms of population.Strengths of the Philippines market include: gateway to other Asian markets, all within 4 hours flying time.one of the largest English speaking countries.They include well known brands such as Unilever, Shell, HSBC, Standard Chartered, AstraZeneca, Diageo, Arup, JCB, Marks and Spencer, River Island and Halcrow.īenefits for UK companies exporting to the Philippines include: It has improved by 37 places in the last 5 years.Ībout 200 British companies are now doing business in the Philippines. The Philippines is now ranked 47th in the World Economic Forum’s Global Competitiveness Report. HSBC has forecasted that the Philippines could become the world’s 16th largest economy by 2050. You can also check the current UKEF cover position for the Philippines. Contact UK Export Finance (UKEF) about trade finance and insurance cover for UK companies.
0 kommentar(er)
