Department of Finance Secretary Ralph Recto expects British investments are expected to increase, drawn by the high quality of Filipino workers to complement gains from the expanding digital infrastructure and fiscal incentives, Finance Secretary Ralph Recto said.

In the Philippine Economic Briefing in London last 31 October, the Department of Finance (DoF) said Recto shared government reforms and economic growth drivers for British firms to maximize, including its human resources.

“Just give Filipinos the opportunity and watch them deliver their best. It has long been proven,” he said.

Recto said the UK has been a witness to Filipinos’ high skills competency which was again highlighted during the pandemic.

“Let us not forget, it was a Filipina nurse in the UK who administered the world’s first Covid-19 vaccine. This is a powerful symbol of what happens whenever and wherever you open an opportunity for Filipinos, we will always deliver,” Recto added.

While there are several job opportunities for Filipinos in the UK, British firms heavily employ over 200,000 Filipinos in the healthcare sector.

In the Philippines, Recto said British firms can employ many Filipinos as the local workforce continues to expand due to the country’s big youth population.

The Philippine Statistics Authority reported that 51.22 million Filipinos aged 15 years and above sought jobs in August, higher than the 50.07 million in the previous month and 50.29 million in August 2023.

Recto also expressed optimism in the tourism sector as he shared that the British ranked eighth among the top visitors in the country.

Arrivals soften

According to the Department of Tourism, foreign visitors stood at 4.88 million from January to October, down from 5.45 million last year. The data came ahead of the completion of major government infrastructure projects, such as regional airports and the rehabilitation of Ninoy Aquino International Airport.

To help the Philippines build infrastructure projects and boost business activities, Recto said the government is accelerating the enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.

This offers incentives for projects with investment capital exceeding 199.67 million British pounds for P15 billion.

The incentives include a 200 percent deduction on power expenses and a 50 percent reduction for reinvestment allowances on priority tourism projects or activities.

Apart from these, Recto said the government has launched the Philippine Digital Infrastructure Project and the National Broadband Program to improve the country’s internet and expand data centers amid the growing preference for digital products among consumers.

He added the National Economic and Development Authority created the Artificial Intelligence Roadmap to upskill Filipinos and ready them for emerging jobs.

Due to more Filipino spenders, easing inflation rates and overall positive economic outlook for the Philippines, Recto stressed economic confidence from the British returned as the UK emerged as the Philippines’ number one source of foreign direct investments in July or after five years.