Connect with us

Hi, what are you looking for?

News

Crisis viewed as PHL’s chance to snag investment

REUTERS

THE pandemic offers an opportunity for the Philippines to attract foreign investment in manufacturing in order to rebalance the economy away from its traditional reliance on consumption, Stratbase ADR Institute President Victor Andres C. Manhit said.

“While Philippine economic growth has been traditionally mostly consumption-led, this might be an opportune time to start shifting to a more investment-led economy and to focus on scaling up the country’s role in the global supply chain,” according to Mr. Manhit, who was speaking on the second day of the Pilipinas Conference 2021 Tuesday.

He added that the pace of the economic recovery will depend on how fully the Philippines utilizes its current trade agreements, such as the privileges it enjoys with the European Union (EU).

“To bounce back more quickly, the Philippines needs to recalibrate its growth trajectory by strengthening cooperation with its long-standing economic partners, including the EU, through trade and investments,” he said.

Trade Secretary Ramon M. Lopez said during his closing remarks that the Philippines has benefited from greater market access to the EU under the EU Generalized Scheme of Preferences Plus (GSP+), adding that finalizing the free trade agreement would firm up the EU’s engagement.

“For 2020, total exports to the EU amounted to 6.2 billion euros. In terms of eligible exports, 2.1 billion euros worth of Philippine exports are covered by GSP+, of which 1.6 billion euros availed of GSP+ preferences. Likewise, GSP+ utilization grew from 72% in 2019 to an all-time high of 75% in 2020,” Mr. Lopez said.

“We would also welcome closer engagement with the EU… possibly through the resumption of the Philippines-EU FTA negotiations. The Philippine government believes that trade and investment policies must be people centered and should always promote inclusive growth,” he added. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

SAM WORTHINGTON in Avatar: The Way of Water LONDON — Filmmaker James Cameron is taking audiences back to his visually mesmerizing world of Pandora,...

News

IN a fictional Japanese village called Kuge, a newly hired police officer Daigo Agawa (played by Yuya Yagira) arrives in town a broken man....

News

LONDON – Britain’s royal family will be braced for renewed criticism from Prince Harry and his wife Meghan on Thursday when a Netflix documentary...

News

1 of 8 Christmas at Alabang Town Center ALABANG Town Center’s Christmas Emporium takes centerstage at the Town Plaza, and includes a full-scale Tower...

News

L FILIPE C SOUSA-UNSPLASH THE Department of Transportation (DoTr) is engaging the Asian Development Bank (ADB) for technical support in opening up the Ninoy...

News

1 of 6 Quarentados, Save the Children offer virtual caroling THE VOCAL group Quarentados partners with Save the Children Philippines for “Namamasko Po,” virtual...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.