Among the regions in the Philippines, it looks like Iloilo is the next growth area, with the British Chamber of Commerce Philippines (BCCP) targeting to bring 50 British or Filipino companies to the region next month.
According to BCCP executive chair Chris Nelson, there are expectations that the island group would grow faster than the rest of the country, thanks to strong performance in terms of agribusiness, manufacturing and information, and communications technology. Iloilo is also a consistent entry in the 10 most competitive cities by the National Competitiveness Council.
According to the National Economic and Development Authority (NEDA), the region is expected to grow by 7.7 to 8.3 percent over the next five years. The entire country is expected to grow 7-8 percent annually until the end of the Duterte administration in 2022.
The Iloilo trade mission follows a successful mission where the chamber brought 50 businesses in Davao City. To date, two companies have already set up shop while the others are discussing plans.
This time, Nelson is targeting to exceed the number of businesses opening. He is expecting half of them to be British companies. So far, 12 have signed up.