A Duterte Cabinet delegation led by Finance Secretary Carlos Dominguez III will embark on a three-day mission to London this week to brief British investors on the vast business opportunities in the country’s infrastructure, energy and tourism sectors and explore ways to expand economic cooperation between the Philippines and the United Kingdom.

Aside from the Philippine Economic Briefing (PEB) that will showcase investment prospects in the country, the top-level delegation will also take part in a Business Roundtable in London organized by the Philippine Trade and Investment Center (PTIC) to discuss with leaders of British business organizations and other groups the “Build, Build, Build” program of the Duterte administration as well as the role in global trade, and opportunities in, the Philippines’ industry, manufacturing and services sectors.

This roadshow will take place on Sept. 24-26, according to the Department of Finance (DOF).

The other members of the Philippine delegation to London are Secretaries Ernesto Pernia of the National Economic and Development Authority (NEDA), Benjamin Diokno of the Department of Budget and Management (DBM), Ramon Lopez of the Department of Trade and Industry (DTI), Arthur Tugade of the Department of Transportation (DOTr), Mark Villar of the Department of Public Works and Highways (DPWH), and Bernadette Romulo Puyat of the Department of Tourism (DOT); Bangko Sentral ng Pilipinas (BSP) Deputy Gov. Diwa Guinigundo; Vivencio Dizon, president-CEO of the Bases Conversion and Development Authority (BCDA); Deputy Speaker Pia Cayetano and Rep. Weslie Gatchalian.

Dominguez earlier thanked British Ambassador to the Philippines Daniel Pruce and the UK-ASEAN Business Council for assisting in organizing the events in London. The PEB in London was planned and set several months ago.

According to the DOF, the London-bound delegation will update the British business community during the PEB on the progress of the Duterte administration’s economic reform agenda, particularly on its Comprehensive Tax Reform Program (CTRP), as well as the performance of the Philippine economy, which is among the best performers in Asia.

Guinigundo and the other Cabinet officials will also brief investors on the reforms in the Philippines’ budget system and monetary and fiscal sector, along with the latest investment opportunities under the Duterte administration’s “Build, Build, Build” program, including the flagship New Clark City project that is envisioned to be the country’s next big metropolis and agro-industrial hub.

Investment opportunities in the energy and tourism sectors will also be discussed during the PEB.

The delegation will also tour the first store in London of Philippine fastfood giant Jollibee, which is located along Earl’s Court Road. Jollibee’s first London branch is slated to open in October.

Net foreign direct investments from the UK based on BSP data was recorded at $36.37 million in the first half of 2018, representing a 624 percent increase from the $5.02 million during the same period in the previous year.

Total bilateral trade between the Philippines and the UK was $987.4 million in 2017. Philippine exports to the UK amounted to $480.6 million while imports from that country reached $506.8 million in 2017.

In 2017, the UK was the 8th largest source of foreign tourist arrivals in the Philippines with over 180,000 British nationals visiting the country.

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