Since 1980s, the Philippines have opened their economy to foreign markets, and established a network of free trade agreements with several countries. The US is one of the Philippines top trading partner. The Philippines largely imports electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic. The largest importers into the Philippines include Japan, China, Singapore, South Korea, Taiwan and Thailand.
Opportunities for UK businesses
The Philippines is known as the ‘Rising Tiger of Asia’ with growth outpacing its other ASEAN neighbours. The Philippines is one of the countries in Asia enjoying economic success opening up a wide range of opportunities. The Philippines offers numerous opportunities for UK businesses with a market of 103 million people. These are highlighted in the Investment Priorities Plan (IPP) which identifies priority investment areas which the Government is actively promoting. The current IPP lists opportunities in infrastructure projects, knowledge-based services such IT services, energy, green projects, iron and steel, and hospital/medical services.
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