MANILA, Philippines – Aware of the many advantages in the Philippines, British businesses are expected to invest and expand existing operations in the country, Trade and Industry undersecretary for international trade group Adrian S. Cristobal Jr. said.

“Our English-speaking business environment, multicultural sensitivities, and strategic location in Asia are attractive for British companies seeking to expand its business in Southeast Asia,” Cristobal said.

The proposed EU-Philippines free trade agreement is also another opportunity for further business linkage between UK and the Philippines once it is approved.

“As we work towards the EU-Philippines FTA, we hope that more business and investment opportunities will open up for both countries,” Cristobal said.

To date, the UK has already recognized the Philippines’ BPO capacity receiving the Offshoring Destination of the Year Award in 2010, 2009, and 2007 from the UK’s National Outsourcing Association (NOA), the UK’s only outsourcing trade association and center of excellence in outsourcing.

Some of the large British companies operating in the Philippines are HSBC, BP, LogicaCMG, and Shell among others.

UK’s BP is one of the world’s largest energy companies and is one of the major companies in the UK. HSBC, on the other hand, is among the largest banking and financial services organizations in the world. It has 9,500 international offices in 86 countries in Europe, Asia Pacific, Americas, Middle East, and Africa.

The Philippines is keen on expanding its trade ties with the European Union’s second largest economy. The UK, a leading trade power and financial center, is among the trillion-dollar economies in Western Europe.

In the interest of UK is the fact that the Philippines can also be UK’s strategic gateway to Asia through the free trade agreements (FTAs) that the country has with other countries.

Recently, the UK has identified the Philippines as a key emerging power in East Asia. They likewise cited the Philippines as “one of the largest and a key player in ASEAN’ following the country’s 7 percent economic growth rate in 2010 together with the high increase in bilateral trade between the Philippines and the UK.

In 2009, the UK was the Philippines’ 21st trading partner, with total bilateral trade valued at $547.21 million, or 0.65 percent of total Philippine trade with the world. Philippine exports to the UK include tuna, parts and accessories of automatic data processing machines, electronic micro assemblies, motor vehicle parts, and desiccated coconut, among others.

Philippine imports from the UK include electronic integrated circuits, uncoated paper and paperboard, newsprint, parts of electrical apparatus, books and brochures, to cite a few.