The Philippines remains to be one of the preferred investment destinations by European companies despite some “side” issues, the Palace said Tuesday.
Citing recent statements by European Union-Asean Business Council Executive Director Chris Humphrey, Presidential Spokesman Ernesto Abella said that the country is slowly gaining ground as one of the top Asean countries among European investors.
Abella said the Philippines continues to draw interest from European countries “due to the country’s young population, increasingly liberal trade and investment policies and largely untapped market.”
“To deliver its promise to create 1.2-million jobs annually, the Duterte administration will attract more foreign investments, increase infrastructure spending, ease the cost of doing business in the Philippines, and continuously develop its human resource,” Abella said.
Recently, some European Liberals on Saturday decried the arrest of Liberal Party Senator Leila de Lima on what they claimed were “politically motivated” drug charges, vowing to rally the European Union and global support for the release of the lawmaker, who described herself as “the first political prisoner” under the administration of President Duterte.
Among the jobs favored by Europeans for investment in the Philippines includes those in construction, information and technology/business-process management, tourism, manufacturing, transport and logistics, agri-processing industry, and retail trade.
Abella also cited findings from the International Monetary Fund mission team with regards the Philippines’ monetary policies which supports and boost domestic expansion.
The IMF team cited the comprehensive tax reform program as one of those which contributed to the strengthening of the country’s monetary transmission and reduction of concentration risks in the banking sector, among others, Abella added.