The new buzzword in Manila is “daylight”. The expression refers to the new Philippine administration’s emphasis on transparency and accountability in government, particularly when it comes to doing business. President Aquino talked a lot about daylight last week when he opened an international conference to showcase the country’s new PPP (public private partnerships) programme.
Aquino announced a first set of infrastructure projects open for foreign investment on a PPP basis. Worth around £2 billion, they focus mainly on transport - light rail transit, airports and expressways. And there are more in the pipeline. He set out new policy measures to reassure investors, including a commitment to underwrite “regulatory risk” – financial losses incurred when laws change unexpectedly.
This is potentially exciting for British business. The UK pioneered PPP, and British business has huge strengths in this field. A Philippine infrastructure boom could generate big opportunities for UK companies, whether to bid for projects with local partners or to supply products, technical expertise or advisory services.
A series of Asia Task Force events in the UK this week have been shining a spotlight on doing business across the Asian market. Now is the right time for British business to be finding out more about the new daylight in the Philippines, and how the British Embassy's UK Trade & Investment team can help companies take advantage
Stephen Lille, UK Ambassador to the Philippines