Connect with us

Hi, what are you looking for?


EU business groups optimistic of more investments in PHL

The Rizal monument is lit in the colors of the European Union flag as part of the Europe Day celebration in Manila, May 7, 2023. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Philippines is expected to attract more European investments, as the Regional Comprehensive Economic Partnership (RCEP) enters into force next month.

“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 foreign direct investments (FDIs) from Europe. Being part of the RCEP will be significant benefit to the country,” European Union-ASEAN Business Council (EU-ABC) Executive Director Chris Humphrey said during a press conference in Makati City on Monday.   

He noted the Philippines has one of the fastest gross domestic product (GDP) growth rates in the region, as well as recent economic reforms conducive to foreign investments.

The Philippine government is targeting 6-7% GDP growth for 2023.

The RCEP trade deal is expected to take effect for the Philippines on June 2. The RCEP participating countries include the 10 members of the Association of Southeast Asian Nations (ASEAN), Australia, China, Japan, New Zealand, and South Korea.

“We see, at the council, huge potential for growing FDI into the Philippines from Europe, and for increasing trade relations,” Mr. Humphrey said.   

Lars Wittig, European Chamber of Commerce of the Philippines (ECCP) president, said that the Philippines should further leverage its status as the only ASEAN country beneficiary of the Generalized Scheme of Preferences Plus (GSP+) trade scheme.

“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,” Mr. Wittig said.   

The GSP+, set to end by the end of the year, is an incentive arrangement that allows the Philippines to avail zero tariffs on 6,274 products or 66% of all EU tariff lines.

However, participating countries should commit to 27 international conventions related to human rights, labor, good governance, and environment in order to avail of the GSP+ benefits.   

The ECCP also supports the push for a free trade agreement (FTA) between the EU and the Philippines, which is “crucial for the Philippines to become a magnet for European investments,” Mr. Wittig added.

The last round of negotiations for the Philippines — EU FTA happened in 2017 after talks officially began in 2016.   

Meanwhile, Trade Secretary Alfredo E. Pascual said the Philippines is keen on restarting the FTA negotiations with the EU.   

The ECCP and the EU-ABC will hold the 2023 European-Philippine Business Dialogue on May 25 at Dusit Thani Manila. — 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!



Standing firm against hunger, Globe launches the Longest Hapag— a five-month nationwide food festival series. The campaign kicks off in time for the commemoration...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Retail sales volumes have fallen this month compared with the same period last year, while staffing levels have dropped sharply, a...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new...

Editor’s Pick

<?xml encoding=”utf-8″ ??> VivaCity, the transport technology scaleup transforming cities into smarter and more efficient places to live and work, has partnered with Transport...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The Google-owned video platform has confirmed that it’s shutting down YouTube Stories in June. Stories first launched in 2018, and allowed...

You May Also Like


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...


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...


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...


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...

Disclaimer: Respect, 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.