EU cites difficulty in promoting PH as investment destination
September 28, 2016 at 17:30
EU cites difficulty in promoting PH as investment destination
European Union (EU) businessmen yesterday said it will take more effort to promote the Philippines as an investment destination as European businesses have shown disinterest in light of the stand of the 27-regional bloc on the issue of alleged extrajudicial killings thrown against the Duterte administration.
European Union logo (Photo Courtesy of WIkipedia)
Gunther Taus, president of the European Chamber of Commerce of the Philippines (ECCP) admitted of “increasingly difficulty” to invite European businessmen to their upcoming event EU-Philippines Business Summit to be held October 4 hosted by the EU-Philippines Network (EPBN), a project co-founded by the European Union and implemented by a consortium of European Chambers of Commerce.
The summit is expected to attract over 300 participants from C level executives from both European and local companies, to representatives from the Executive and Legislative bodies of Philippine government, to representatives from the EU member countries, the event will bring together some of the most influential players in the EU-Philippine business environment. The EU-Philippines Business Summit 2016 is made possible with the support of the EU, which has contributed €3.5 million to the EPBN Project. Despite this “increasingly difficulty,” Taus said this will not deter them from its task to represent the Philippines and promote the country in a better light. Earlier, EU Parliament members criticized the Duterte administration over the spate of alleged extra judicial killings in the country as a result of the government’s war against drugs.
“There is hope,” he said, noting that it would be best to “push on” and to distinguish politics from business during this uncertain time noting that risks are part of business. “When you are in business, you can deal with risks, you put provisions (for risks),” Taus said, adding that what is difficult for business is uncertainty.
Taus said the EU-Philippine Business Network (EPBN) whose job is to support European companies in the Philippines is “completely non-political, purely business.”
Meantime, EU Ambassador to the Philippines eFranz Jessen said that investors take a long term view stressing there are many reasons for EU businessmen to come to the Philippines. He cited the country growth rate at 7 percent which is one of the fastest in Asia, the quality and cost competitive English-speaking labor force.
The Philippines is EU’s 6th largest trade partner in the ASEAN. In 2014, EU exports to the Philippines reached €6.8 billion and €5.7 billion in imported goods. Trade in terms of services reached €3 billion as of 2013.
The EU is also the largest foreign investor in the Philippines, with a foreign direct investment stock in the country of over €6.2 billion. During the summit, government leaders and representatives from the EU Delegation are also expected to give updates on the Generalized Scheme of Preferences Plus (GSP+), an initiative that has already raised exports from the Philippines to the EU by 13 percent.
There will also be updates on the EU Free Trade Agreement, the first round of negotiations having been done in May of this year and the second to be done in Manila near the end of this year.
