A BIG business delegation from the European Union (EU) said the Philippines was the most attractive investment destination in the world for their group, Speaker Ferdinand G. Romualdez said Wednesday.
During their meeting with Romualdez, six representatives from the visiting EU-ASEAN Business Council (EU-ABC) composed of 70 delegates from 36 European multinational companies expressed their interest in expanding EU business and trade relations with the Philippines, as they praised the country’s strong economic performance.
Romualdez informed them of the initiatives of Congress, in line with the policies of the administration of President Ferdinand R. Marcos, Jr. to “make the Philippines a more inviting host for business investments and economic activities.”
“We’re here to see how we can help. We would like to support, we would like to assist. We’d like to be aware of the challenges so we could address them together,” Romualdez told the EU delegation representatives.
Noel Clehane, Global Head of Regulatory & Public Policy for BDO and board member of EU-ABC, informed Romualdez that they have been engaging with EU lawmakers to push for a free trade agreement with the Philippines.
“We have been highlighting to them that this region (ASEAN), particularly the Philippines, is the most attractive in the world for European businesses,” said Clehane.
He said their excitement about business prospects in the Philippines is borne by an annual survey that they have been doing for the past eight years. As a result, he said EU lawmakers are now “becoming more alert” to exploring expanded trade relations with the Philippines.
Delegation head Jens Ruebbert (Managing Director & Regional Head Asia/Pacific for Landesbank Baden-Wurttemberg and vice chairman of the EU-ABC, also noted the strong growth and solid economic fundamentals of the Philippines.
Gross domestic product (GDP) posted a growth of 7.2 percent in the fourth quarter of 2022, resulting in a 7.6 percent full-year growth in 2022, and has grown by 6.4 percent in the first quarter of 2023.
“That’s extremely well recognized in the business world,” Ruebbert said.
He also noted that inflation is on the downtrend, the peso is stable as opposed to currencies in other countries, while the interest rate environment is “an equation of what’s going on in the world.”
“Probably the highest hike in the region has helped you to sustain and get things under control. So big congratulations for the economic
situation, which is I think the basis for motivating the European Union and other foreign companies to further invest and further extend
trade with the Philippines,” he added.
Ruebbert also noted that in a separate meeting Monday, Bangko Sentral ng Pilipinas Governor Felipe Medialla “demonstrated very nicely and
clearly that the economic path and recovery path the Philippines is taking is all on a very, very good track.”
“Forty percent of the world supply chain pass through your territorial waters or at least close to it. So the geopolitical reasons for doing
it (EU-PH free trade agreement) are significant; the economic reasons are compelling,” Ruebbert said.
Other members of the six-man EU-ABC group that met with Romualdez were Diana Edralin, General Manager, Roche Philippines; Dom Lavigne, Yara international director of public affairs and corporate communications for Africa & Asia; Charlie Simpson, Airbus chief representative to the
Philippines; and Cyrus Isles of Bayer.
They expressed willingness to cooperate with the Philippine government on various areas such as health, agriculture, renewable energy, and
transportation.
Recently appointed World Bank (WB) Managing Director (MD) for Operations Anna Bjerde paid a courtesy call on members of the Cabinet
at Malacañan Palace.
Bjerde said the World Bank supports the Marcos administration in its vision of becoming a “prosperous, inclusive, and poverty-free society
by 2040.”
“The post-pandemic recovery is underway in the Philippines, with strong domestic demand weathering global headwinds. Since 2022, its
economy has been growing rapidly, aided by a substantial reduction in COVID-19 cases that facilitated a full economic reopening,” Bjerde
said during the meeting.
During the courtesy visit, the bank noted the Philippines’ progress in the implementation of its ongoing projects and expressed its desire to
support the administration’s economic agenda.
In line with the Philippine Development Plan (PDP) 2023-2028 for deep economic and social transformation, the bank agreed to support the
government’s priority areas through engagements in smart agriculture and food security, transition to renewable energy (RE), disaster risk
management, strengthening the education system, and water sanitation.
“The World Bank is committed to supporting the Philippines to achieve long-term inclusive and sustainable growth, attain upper middle-income
country status, and eventually become a predominantly middle-class society by 2040,” Bjerde said.
The meeting was led by Finance Secretary Benjamin Diokno, who also serves as the World Bank Governor for the Philippines.
He was joined by National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Department of Transportation (DOTr)
Secretary Jaime Bautista, Department of Budget and Management (DBM) Secretary Amenah Pangandaman, Department of Public Works and Highways (DPWH) Manuel Bonoan, and Department of Energy (DOE) Secretary Raphael Lotilla.
Press Secretary Cheloy Velicaria-Garafil represented the Office of the President.
