The European Chamber of Commerce of the Philippines expressed optimism the new set of game-changing economic reforms would attract more foreign direct investments from the EU into the Philippines.
“We have great reason to believe that the stream of FDIs and trade will increase substantially in the coming months and years,” ECCP president Paulo Dupuis said in a forum hosted by the Makati Business Club Monday in honor of EC President Ursula von der Leyen’s state visit to the Philippines.
The group said EU’s FDIs in the Philippines remained low at 4 percent of the total investments inflows in the ASEAN region.
Dupuis said the chamber was seeing an increased momentum and interest in the Philippines especially in renewable energy, circular economy, digital technologies, among others.
He said the ECCP was grateful for the European Commissions’ proposal to extend the validity of the preferential trade scheme until 2027, as the group called for the timely and successful conclusion of the EU-Philippines Free Trade Agreement.
ECCP believes the bilateral trade deal holds immense potential to spur trade and investment opportunities, improve diversification, increase competitiveness and economic openness, generate better employment prospects, as well as accelerate breakthroughs in innovation and technology, he said.
The group also shared the Philippine government’s belief that the timing is ripe to strengthen the longstanding trade relations through the EU-Philippines FTA.
The FTA is expected to contribute to a greener, more inclusive and sustainable Philippines.
“As we progress in our commitment to gender equality, protecting fundamental rights, and promoting solidarity among generations, we are confident that such a partnership will support these mutual goals,” Dupuis said.
EU is one of the Philippines largest trading partners. In 2021, total exports to the EU reached €7.7 billion, of which €2.7 billion were eligible for GSP+.
The ECCP also welcomes the EU Green Deal Industrial Plan which provides pathways for the twin green and digital transitions, fostering an environment conducive to net-zero technologies and critical raw materials.