The political noise in the Philippines is dampening the interest of European companies in joining a major business dialogue with their Philippine counterparts.
European Chamber of Commerce of the Philippines president Gunther Taus conceded that his group was having a hard time convincing European firms to come over during the EU-Philippines Business Summit on October 4, 2016 to be held at the Makati Shangri-La, Manila.
“It has been increasingly more difficult to sell the Philippines (to EU countries). But that will not stop us from doing what we do. Maybe what happened (referring to the anti-West posturing of President Rodrigo Duterte) was just an isolated case. But if we could move on to the right direction, there is hope,” he said in a briefing Tuesday in Makati City.
“It is key that we focus on the fact that despite the president’s strong rhetoric, people in government and in the private sector are continuously working together on further improving the business environment and leveling the playing field for both EU and Philippine companies alike,” the chamber said.
The group said it was focused on the 10-point program of the new administration as the foundation for the future growth of trade and investments in the country.
Despite the unfortunate events, the chamber said it remained optimistic in attracting over 300 participants—ranging from executives of European and local companies, to representatives from the executive and legislative bodies and EU member countries.
Taus said it would be the best interest of the EU and the Philippines to separate politics, issue on extrajudicial killings and human rights violations from business.
The chamber expects the business summit to deepen the ties between the EU and the Philippines and help define the next chapter of economic and trade relations.
Government leaders and representatives from the EU delegation are also expected to give updates on the Generalized Scheme of Preferences Plus, or GSP+, an initiative that has already raised Philippine exports to the EU by 13 percent.
The conference will give updates on the EU free trade agreement after the first round of negotiations in May and the second toward the end of 2016.
The summit discuss concerns on foreign ownership as well as restrictions on investments, and issues on intellectual property rights.
The summit aims to increase the Philippines’ competitiveness and create a business and investment-friendly economic environment, the chamber said.
Trade between the Philippines and EU in 2015 reached $13 billion.
The EU is the largest foreign investor in the Philippines, with a foreign direct investment stock in the country of over €6.2 billion.
