European business leaders and officials are expecting a significant rise of foreign direct investments (FDIs) in the country following the passage of key economic reforms such as the passage of the amendments to the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act, as well as the relaxation of the foreign participation limitation in the renewable energy sector.
According to European Chamber of Commerce of the Philippines President Lars Wittig, they are expecting billions worth of foreign direct investments to come the Philippines’ way, driving global competitiveness and economic development further.
In a bid to further attract and support more potential investors to the Philippines, the ECCP in partnership with DivinaLaw unveiled the Doing Business in the Philippines (DBIP) 2023 Publication on 26 January 2023 at a press event with key officials of European diplomatic missions.
“The Doing Business in the Philippines publication gives vital information to investors seeking to expand in or enter the Philippine market,” says Wittig. “As a valuable resource for businesses interested in exploring opportunities in the country, this booklet aims to arm potential investors with knowledge of the Philippine business environment as well as relevant laws and procedures, empowering businesses to make informed investment decisions.”
Also present at the event, Ambassador Extraordinary and Plenipotentiary of Delegation of the European Union to the Philippines Luc Veron cited that the Doing Business in the Philippines Guidebook shows the commitment to pave the way for European business and support the economic growth of the country.
Veron noted that this is an opportune time even for the country to implement reforms and policies geared toward sustainable development, “To make the Philippines even more attractive as an investment destination and to boost the country’s competitiveness.”
On his part, Embassy of Norway Ambassador Christian Halaas Lyster gave his updates on the European Free Trade Association (EFTA) – Philippines Free Trade Agreement (FTA). Answering how to ensure that the Philippines remains a competitive country, Lyster highlights that new guidelines and regulations be implemented in accordance with the FTA and that there are streamlined efforts of such rules and regulations.
Alongside these reforms, Wittig further stressed that “step-up efforts” such as creating green and resilient infrastructure as well as further prioritizing the wellness and education of the Filipino workforce, be also prioritized.
For more than four decades, the ECCP has advocated for reforms aimed at making the Philippines’ business climate more competitive, fair, and inclusive. The Chamber has applauded the government’s efforts in advancing key economic reforms, recognizing the intensified efforts of various stakeholders to further improve the business climate in the country.
Present at the Doing Business in the Philippines Press Launch was Ambassador Extraordinary and Plenipotentiary, Delegation of the European Union to the Philippines H.E. Ambassador Luc Veron, Ambassador Extraordinary and Plenipotentiary, Embassy of Norway H.E. Christian Halaas Lyster, DivinaLaw Managing Director Atty. Nilo T . Divina and ECCP Executive Director Florian Gottein.
The Doing Business in the Philippines 2023 Publication is an updated edition of the previously released version in early 2020.