The British Chamber of Commerce Philippines (BCCP) has expressed interest bringing 50 companies in the Visayas regin next month particularly in Iloilo, amid expectations that the island group has the potential to grow faster than the rest of the country.
According to BCCP Executive Chair Chris Nelson, the companies will include British and Filipino firms that will either expand of open a new shop in the said area.
Not over a year ago, the BCCP has also conducted a trade mission in Davao City which from the 50 companies they brought in, two have decided to do business, while the others are still discussing their plans.
Nelson said that for this year, it is expected that half of the company-participants of the trade mission will be British firms. So far, 12 companies have already signed up, including DMCI Holdings Inc. (DMC).
“Why the Visayas? While the Philippines continues to enjoy a high growth rate, the Visayas, according to Neda, is enjoying an even higher growth rate,” Nelson said.
In a statement released by the National Economic and Development Authority (NEDA), the Visayas region is projected to tally a growth of 7.7-8.3 percent in the next five years, while the whole Philippines will only attain growth of 7-8 percent annually until the end of Duterte regime in 2022.
Nelson also noted that Iloilo has “a lot of opportunities” because of the city’s strong stint in terms of of agribusiness, manufacturing and information and communications technology.