LONDON - Richard Graham, Member of Parliament (MP) for Gloucester and Prime Minister’s Trade Envoy of the UK Department for International Trade revealed the investment deal between the UK and Philippines.
The announcement was made during his opening remarks at the recently-held Philippine Economic Briefing in London on Thursday.
“Two pretty big investment actually in the last two weeks: Diageo and Don Papa. The other one is the Inchcape and the automobile subsidiary of San Miguel. These are just two big investment this year. I’m very excited,” he told ABS-CBN News.
Graham cited the latest partnership between British multinational alcoholic beverage company Diageo and Philippine rum company Don Papa, as well as the partnership between British automotive company Inchcape and Philippine luxury vehicle distributor CATS Motors Inc., which he approximated to be about a £65-million investment.
Graham also named the Philippine investment in the UK with Emperador Inc.’s acquisition of Whyte & Mackay, a producer of alcoholic beverages based in Glasgow, Scotland.
The MP for Gloucester also highlighted the confidence and high level of trust between the Philippines and the UK when it comes to investment and trade.
“No one knows this country better than your president. He brings a huge amount of international experience and diplomacy to the task, which I think will see the Philippines rise,“ he said in his opening remarks.
“Whatever the subject is, the Philippines has a way of lighting up heart. I hope all of you will find that in you own direct experience,” he told the British investing community.
The Philippines was the UK’s 65th largest trading partner in the four quarters to the end of Q2 in 2022, according to the data released by the Office of the National Statistics or ONS.