European companies continue have bullish prospects in the Philippines given the improving economic fundamentals and the country’s open investment policy, the European Chamber of Commerce of the Philippines said Monday.
ECCP president Lars Wittig said the recent $7-billion dollar investment on a wind farm by a Danish company strengthened the trust and confidence of other European companies who were considering the Philippines as an investment destination.
“This is following the enactment of economic reforms and the recent creation of a ‘green lane’ for strategic investments. Further, we have seen solid headway in facilitating ease of doing business particularly in terms of the ease of establishing reliable supply chain connection and structural factors as the country moves 17 spots, from 60th to 43rd place, in terms of logistics performance index as reported by the World Bank,” he said in a briefing Monday.
Wittig said while the Philippines is way ahead in terms of EODB adoption compared to other ASEAN countries like Indonesia, “there are still ways by which it can improve its EODB.”
ECCP executive director Florian Gottein said the chamber found it satisfactory that business reforms in the Philippines was gaining headway as it also welcomed 62 new members, bringing year-to-date membership to almost 800 European companies.
Wittig said the entry of new members may or may not translate into instant investments, but the interest is surely there, and the EU is certain that it will remain a trusted ally of the Philippines in growing bilateral trade and investment.
“Certainly, there is much opportunity for Europe and the Philippines to strengthen their economic ties, especially in line with their longstanding trade and investment relations. It is highly encouraged that the Philippines further leverages its status as the only ASEAN country beneficiary of the EU GSP+ trade preference. We equally look forward to further advancements in the EU-PH FTA discussions, which are crucial for the Philippines to become a magnet for European investments,” he said.
