By Monsi A. Serrano
More than the celebration of the 60 years of diplomatic relations between the Philippines and the European Union as a united community of nations, the continued cooperation between the two countries deepens and strengthens the ties.
In the lens of the European Union, the Philippines emerges as a beacon of economic potential in the region that the country needs to seize to draw more foreign investors to the country that would accelerate economic growth and provide more job opportunities to the people.
Cognizant of this vast potential that the Philippines has, the European Chamber of Commerce of the Philippines (ECCP) and the EU-ASEAN Business Council convened the 11th European-Philippine Business Dialogue in Makati City on Monday to discuss matters that would encourage more foreign investors. The agenda includes policy, strategic initiatives to enhance the country’s competitive edge, and the implementation of ease of doing business in the country not just for European businesses and investors, but also for other countries that see the potential of the Philippines as one of the investment hubs of the region.
European Chamber of Commerce of the Philippines President Paulo Duarte underscored the pivotal economic trajectory that the Philippines is currently experiencing, characterized by significant growth opportunities, notably the negotiations for the EU-Philippines Free Trade Agreement set to resume, the extension of the EU Generalized Scheme of Preferences Plus (GSP+), and the commemoration of the 60th anniversary of EU-Philippines diplomatic ties.
Early this March, the ECCP celebrated the restart of EU-Philippines FTA negotiations. The Chamber stated that the “renewed interest underscores the attractiveness of the Philippines as a prime business destination for European firms”, emphasizing the mutual benefits of fostering deeper economic ties.
“We are immensely grateful to witness such positive developments, which not only offer substantial economic opportunities but also contribute to our shared vision of fostering a greener, more inclusive, and sustainable future,” said Duarte.
“Furthermore, the economic reforms we have discussed are yielding tangible results. There is heightened interest from European investors in areas such as green energy and digital transformation, among others. We are pleased to see more European firms exploring and entering the market, and we at the ECCP have briefed various European investors based in Europe, ASEAN, and the wider East Asian markets,” he added.
The ECCP, through various initiatives, has actively pursued the advancement of the EU-Philippines trade and investments. Aside from actively advocating for the resumption of FTA negotiations, the Chamber has also released numerous position papers and has engaged in high-level dialogues with policymakers and business representatives on relevant topics such as trade, investment, sustainability and ease of doing business (EODB).
Moreover, the ECCP has lauded the Philippine government’s reaffirmed commitment to enhancing the nation’s competitiveness and attractiveness to both local and foreign investors, alongside initiatives such as the Judicial Reform Plan 2021-2027 and efforts by the Anti-Red Tape Authority to streamline bureaucratic processes.
“While there are uncertainties and challenges ahead, we remain optimistic that maintaining open and regular dialogues will be mutually beneficial as we jointly navigate our path towards greater success,” concluded Duarte.
The ECCP has also strongly advocated policy measures that will help the Philippines attract more foreign direct investments. During the Dialogue, the Chamber turned over to the Philippine government its 2024 Advocacy Papers highlighting at least 14 ECCP Advocacy Committees’ priorities for enhanced economic outcomes.
“Building upon the successes of previous advocacy initiatives, we remain steadfast in pushing for policies that promote sustainable development and leveling the playing field for European and Filipino companies alike,” said ECCP Executive Director Florian Gottein.
The 2024 edition of the ECCP’s Advocacy Papers acknowledges the recent successes that have shaped the Philippine business landscape, specifically the enactment of significant reforms such as the Ease of Paying Taxes Act, the Internet Transactions Act, and the passage of the Public-Private Partnership Code of the Philippines.
“As we celebrate these achievements, we must also look ahead and identify what needs to be done to maximise the benefits brought about by these reforms. The ECCP Advocacy Papers delve into these critical areas, providing actionable recommendations to ensure that the momentum of progress is sustained,” added Gottein.
Attended by more than two hundred attendees, including guests comprised of EU and ASEAN member states heads of mission and members of the diplomatic corps, as well as high-level European and ASEAN business executives, the business dialogue featured messages and presentations from speakers H.E. Luc Véron, Ambassador Extraordinary and Plenipotentiary at Delegation of the European Union to the Philippines; Hon. Alfredo E. Pascual, Secretary of the Department of Trade and Industry; Hon. Ernesto V. Perez, Secretary of the Anti-Red Tape Authority (ARTA); and Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs.
The Dialogue also featured esteemed panelists Department of Finance Assistant Secretary Dakila Elteen Napao, IT & Business Process Association of the Philippines President Jack Madrid, ECCP Director Dr. Diana Edralin, Du-Baladad & Associates Founder and CEO Atty. Benedicta Du-Baladad, as well as moderators EU-ASEAN Business Council Executive Director Chris Humphrey Philippine Disaster Resilience Foundation Chief Resilience Officer Mr. Bill Luz, and Foundation of Economic Freedom Trustee Mr. Christopher Ilagan.
The 2024 European-Philippine Business Dialogue is co-organized by the ECCP and the EU-ASEAN Business Council, together with Event Partners the Delegation of the European Union to the Philippines, Embassy of the Republic of Austria, Embassy of the Kingdom of Belgium, Embassy of the Kingdom of Denmark, Embassy of the Republic of Finland, Embassy of the Federal Republic of Germany, Embassy of Romania, Embassy of the Kingdom of Sweden, IT and Business Process Association of the Philippines (IBPAP), and the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI).
The 11th European-Philippine Business Dialogue brings together industry experts, government leaders, and relevant stakeholders to celebrate and strengthen European-Philippine economic ties.