THE EU-Asean Business Council (EU-ABC) said it is now seeing “positive developments” from President Ferdinand R. Marcos Jr.’s economic team that will improve the Philippines’s standing as a destination for foreign direct investments (FDI) from Europe.
“The Philippines is a country of huge potential but unfortunately has, until now, been underperforming compared to some of its Asean neighbors,” Chris Humphrey, Executive Director of the EU-Asean Business Council.
However, Humphrey noted, “we are now seeing positive developments from the Economic Team under President Marcos Jr. that will surely improve the standing of the country as a destination for FDI from Europe.”
According to Humphrey, being part of the Regional Comprehensive Economic Partnership (RCEP) will spell a “significant” benefit to the Philippines.
Moreover, he said, “Hopefully, we will soon see the recommencement of FTA discussions with the EU: a rapid conclusion of that prospective Agreement, would really put the Philippines on the map for European businesses.”
Meanwhile, according to European Chamber of Commerce of the Philippines (ECCP) President Lars Wittig, the Philippines’s progress in attracting more foreign direct investments (FDIs) has undergone much “scrutiny” following the enactment of economic reforms and the recent creation of a “green lane” for strategic investments.
“Certainly, there is much opportunity for Europe and the Philippines to strengthen their economic ties, especially in line with their longstanding trade and investment relations,” Wittig noted.
“It is highly encouraged that the Philippines further leverages its status as the only Asean country beneficiary of the [EU Generalised Scheme of Preferences Plus] EU GSP+ trade preference. We equally look forward to further advancements in the EU-PH [Free trade agreement] FTA discussions, which are crucial for the Philippines to become a magnet for more European investments and increased trade,” Wittig added.
Meanwhile, in a statement on Monday, EU-ABC announced that the 2023 European-Philippine Business Dialogue will be held on May 25, 2023.
Now on its tenth run, the Dialogue will feature a series of high-level discussions on how private and public sectors can forge stronger economic ties between the Philippines and Europe, EU-ABC said.
One of the highlights of the Dialogue is the presentation of the ECCP’s latest set of Advocacy Papers. The annual publication of the Chamber aims to provide an overview of industry perspectives on pressing issues, and concerns, as well as corresponding policy recommendations, EU-ABC noted.
The EU-Asean Business Council said the list of confirmed speakers includes Executive Secretary Lucas P. Bersamin, Special Assistant to the President Antonio Ernesto F. Lagdameo, Jr., Finance Secretary Benjamin Diokno, Trade and Industry Undersecretary Maria Blanca Kim Lokin, and Anti-Red Tape Authority (ARTA) Director General Ernesto Perez. Guests include EU and Asean member states heads of mission and members of the diplomatic corps, as well as high-level European and Asean business executives.
