Key government officials also attended the forum, such as the Ambassador of Australia to the Philippines H.E. Hae Kyong Yu, and Philippine Ambassador to Australia H.E. Ma Hellen B. De La Vega, as well as heads of Filipino and Australian business chambers. The forum featured more than 120 participants from an array of sectors including Manufacturing, Energy, Infrastructure, Digital Health, IT-BPM, Logistics, and Housing.

Director General Panga highlighted Australia’s profile in Philippine economic zones and noted the increasing investments from Australia for the past 3 years. He also presented PEZA’s maturing industry ecosystems that feature global industry leaders, and world-renowned one-stop- and non-stop-shop, and ease of doing business initiatives. Echoing the call of President Marcos, Director General Panga said “our investors can rely on PEZA to lay out its signature ‘no red-tape, but only red-carpet’ treatment.”

Director General Tereso O. Panga delivering his presentation to the Australian Business Community

For his part, Secretary Pascual urged the Australian business community to explore mutually beneficial economic partnerships with the Philippines, saying that “we see opportunities for Australian businesses to invest in the Philippines’ priority sectors such as critical minerals, renewable energy, education and training, and agriculture.”

President Ferdinand R. Marcos Jr. together with DTI Secretary Alfredo E. Pascual, Special Assistant to the President for Investments and Economic Affairs Secretary Frederick Go, Energy Secretary Raphael Lotilla, and Finance Secretary Ralph Recto

The forum also saw the presentation to the President of 12 new business agreements totaling USD 1.53 billion between Filipino and Australian companies including among others those of long-time PEZA investors IMI and Filinvest – Clark Green City. The signed agreements cover crucial sectors for Philippine economic growth, including renewable energy (RE), waste-to-energy technology, countryside housing development, data center establishment, and health technology solutions manufacturing, and digital health solutions.

At the sidelines of the forum, PEZA Board Chairman Secretary Alfredo Pascual and Director General Panga met with Australian company Plentex to discuss its intent to set up an aquaculture farm and food processing facility in Leyte and Samar. The proposal falls squarely into the President’s food security agenda and one of PEZA’s priorities under the leadership of Director General Panga to pursue the development of aquamarine or blue ecozones in support of the proposed Blue Economy Act.

As of writing, PEZA is home to 130 Australian-owned companies, investing a total of PhP 14.28B, generating almost USD 1B in annual exports, and providing employment to more than 55000 Filipinos.

In the Philippines, the micro, small, and medium enterprises (MSMEs) remain the backbone of the country’s economy. As we navigate through the endemic COVID-19 disease, the aim for accelerated economic recovery and the need to bolster foreign investment in the country is empirical.

While the growth of MSME in the country continues to strengthen the economy on its much needed recovery, foreign investment is critical to achieving economic growth.

The Philippines being one of the countries in the ASEAN region that has a lot of opportunities to offer to foreign investors for various sectors such as telecoms, transportation, renewable energy, technology, banking and finance, among others.

Given the strong investors’ confidence in the Philippines, the need for the country to have a comprehensive guide on how to do business in the Philippines will pave the way for drawing strong interest from potential foreign investors.

Cognizant of the need for a comprehensive, transparent and forthright process of doing business in the Philippines, the European Chamber of Commerce of the Philippines and Divina Law partner to unveil the Doing Business in the Philippines 2024 Guidebook 5th Edition.

The release of the guidebook provides prospective foreign investors a bird’s view of how they can take advantage of the investment opportunities in the Philippines, including the minute steps of business registration, capitalization, tax, and industries available for foreign investors, among others.

Also covered in the guidebook are industries and specific regulations in the Philippines renewable energy (RE), financial technology, and telecommunications. Other topics include setting up business in the country, taxation, labor & employment, immigration, and Intellectual Property (IP), among others. 

ECCP President Paulo Duarte said that the guidebook aims to empower businesses and attract more investors. Aside from highlighting the key economic reforms such as the amendments to the Public Service Act (PSA),  the Retail Trade Liberalization Act (RTLA), and the Foreign Investment Act (FIA), Duarte mentioned the liberalization of renewable energy and the hope of ECCP in the official resumption on ‘prospect’ of the EU-Philippines Free Trade Agreement (FTA) negotiations.

“While acknowledging these substantial strides, the ECCP remains steadfast in its commitment to fostering increased foreign direct investments (FDIs) in the Philippines,” added by Duarte. 

More EU-Phl investments

It is an optimistic year for the Philippines in attracting more trade and investments through collaborative efforts with the European Union’s (EU) initiatives and participating in their cooperative programmes. 

According to H.E. Luc Veron, Delegation of the European Union in the Philippines, the EU and the Philippines have entered a new era of bilateral relations. Ambassador Veron shared that the Philippines will continue to benefit from the EU GSP+ preferential trade regime until 2027. 

“The EU is encouraged by the efforts of the government to improve the ease of doing business. What we look at is a further streamlining of administrative processes relevant for business, in particular, at the local level,” EU Ambassador Veron added.  

Norwegian Ambassador Christian Halaas Lyster, on the other hand, shared updates on the European Free Trade Association (EFTA), encouraging the Philippines “to identify areas with high potential for more exports” from the country as this would benefit the economy and the people. He also emphasized that in any business in the world, corruption is not good, and thus must maintain the integrity and stability to attract more investors. Ambassador Lyster also hopes that the Philippines “to take a more active approach” such as conducting more market research for export growth and a boost in economic ties.