By Jenica Faye Garcia
May 23, 2023 50
MORE European companies want to invest in the Philippines given recent reforms and the country's continued economic growth, foreign businessmen said on Monday.
European Chamber of Commerce of the Philippines (ECCP) Executive Director Florian Gottein claimed that since the start of the year, a total of 62 companies had expressed interest in setting up shop.
"We cannot mention [the names] yet ... but I can say that it would require a longer runway because [most] are in infrastructure and energy and also of course in manufacturing," Gottein said in a briefing.
ECCP President Lars Wittig said "we have witnessed significant efforts and boosting business confidence in the country's position as a competitive destination for trade and investment."
"This is following the enactment of economic reforms and the recent creation of green lanes for strategic investments," he added.
Wittig said that "from the perspective of foreign investors, what is really liked and appreciated is the improvement in ease of doing business."
EU-Asean Business Council Executive Director Chris Humphrey, meanwhile, said there was "so much going for the country."
"[The Philippines has] one of the best GDP (gross domestic product) growth rates in the region, [a] progressive forward-thinking economy, reforms are coming through, and the country is becoming more and more attractive to FDIs (foreign direct investments)," he added.
"[The] key is making sure to implement [the] RCEP (Regional Comprehensive Economic Partnership) because it will be a big help to push more trade deals," he added.
The country recently ratified the RCEP, a trade deal covering the 10 members of the Association of Southeast Asian Nations and neighbors Australia, China, Japan, New Zealand and South Korea.
