EU investors see PH as ‘secondary’ market in ASEAN

📆 2022/02/12 2:45:00

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The European Union has strongly urged the Philippines to fully implement the economic reform measures to end its long-held image as a mere secondary market in ASEAN for EU investors.

📆 2022/02/12 2:45:00
📰 manilabulletin

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In a presentation at the virtual presscon for the launch of the European Chamber of Commerce of the Philippine Doing Business in the Philippines Guidebook, Maurizio Cellini, head of Trade and Economic Affairs, First Counsellor of the EU Delegation to the Philippines, noted that the latest available data showed that European investments in the Philippines grew by 8 percent in 2019 to 14 billion euros.

With clear economic recovery underway, Cellini emphasized, that the commercial relationship with the Philippines needs a lot more to be done and make the Philippines an attractive business destination for EU entrepreneurs. The ECCP, likewise, pushed for the full implementation of other laws including the Customs Modernization, Ease of Doing Business, CREATE Act, and the amendment to the Retail Trade Liberalization act.

According to Eurostat data, for the first 11 months of 2021 the EU imported worth 7.2 billion euros from the Philippines while EU exports to the Philippines 6.1 billion euros.

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