By Alithea De Jesus
As the Philippine economy continues to face challenges in the midst of the coronavirus pandemic that prompted the government to impose lockdown and strict curb on movements for almost 7 months that inevitably led to temporary shutting down economic activities, disrupted supply chains, and resulted in a surge in the unemployment.
While many investors are looking at the Philippines as their area for expansion, the European-Philippine business community remains dampened due to the uncertain business landscape in the country.
Just recently, the government imposed a calibrated lockdown measures and introduced economic reforms to put the economy back on track. As such, the European-Philippine business community aims to play an active role in working with the government and other stakeholders in restoring business confidence and building upon the achievements of the past years in making the Philippines a more attractive and desirable destination for trade and investments from Europe.
For the past seven years, the British Chamber of Commerce Philippines supported the European-Philippine Business Summit led by the European Chamber of Commerce Philippines (ECCP) last October 30 with Keynote speaker DTI Sec. Ramon Lopez delivered a presentation on the Philippine economic outlook. While Executive Director and Trustee Chris Nelson moderated the panel discussion on trade and investments.
Also part of the panelists present were DTI Usec. Ceferino Rodolfo, Acting Head of the Delegation of the European Union to the Philippines Rafael de Bustamante, IMF Representative Yongzheng Yang, and OECD Advisor Stephanie Venuti.
The discussion focused on economic recovery and transforming the Philippines as an attractive investment destination by easing foreign investment restrictions. The British Chamber continues to work with the European business community for the swift passage of amendments to the Retail Trade Liberalization, Public Service, and Foreign Investment Act.
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