Posted on May 3, 2017
The Philippines stands to benefit from the effect of United Kingdom impending withdrawal from European Union (EU) commonly referred to as “Brexit” especially in the Outsourcing industry. Expert says that this is great opportunity for the country because Philippines offer cheaper alternatives to United Kingdom businesses.
According to the Nordic Chamber of Commerce (NordCham) of the Philippines “Simply from an outsourcing perspective, in the short term, it (Brexit) will probably provide more opportunities for that sector to grow here. Let’s say in more dire times, companies will be looking for more cost efficiency, which oftentimes can be found in markets like here in the Philippines in that particular sector,” he said at the sidelines of the NordCham Forum titled “Trump & Brexit- What do these mean for EU and Asean?” held at the BDO Corporate Center in Makati.
Since the Philippines offers an attractive export market for British company. Selin added “Since no country can only rely on their domestic market, in the case of the UK, they will need to look at what are their export markets and the Philippines can again enter the picture as a growth market, as an export destination,” he said.
And last April 03, 2017 the British Secretary of State for International Trade Liam Fox has been making the rounds in various countries to talk about business and his first stop was here in the Philippines. The British Ambassador to the Philippines announced that Mr. Fox signals that the UK is serious in expanding businesses in the country noting that some of the British companies already have an investment in the Philippine palm oil, services and business process outsourcing sector. The investment goal will covers the entire country and some of the British delegations have already visited some parts of the country like in Visayas, as well as Palawan and also in Davao City.
PHL is UK trade envoy’s first stop as Brexit rolls forward, Business World Online
Nordcham: Brexit could ‘benefit’ PH, Sun Star Cebu