Total trade between the UK and the Philippines rose 30% to £1.8 billion (123 billion pesos) last year.
While this is good news for both countries, British Ambassador Asif Ahmad seems to think it could have been much higher.
Speaking at the Great British Festival that was held at the weekend Asif Ahmad said: “certain restrictions on ownership in the Philippines had long hampered the full participation of some UK-based companies in the local economy.” He also pointed out that while British exports to the Philippines alone grew by 38 per cent last year it remained small compared to other countries in the area.
It is not the first time the British Ambassador has spoken out about the restrictions on ownership, in fact in the last few weeks he has brought the subject up a few times.
Despite the restrictions, Britain is the largest European investor in the Philippines.
The Ambassador believes the Philippines is primed to receive more investments in key sectors such as construction, infrastructure, education and energy.