BOl assures EU companies on Philippine business prospects

MANILA, Philippines - The industry development and investments promotion arm of the Department of Trade and Industry has assured top European multinational companies of continued healthy relationship between the Philippines and the European Union (EU) despite President Duterte’s previous outbursts against the 28-member economic bloc.

The Board of Investments (BOI) said it received recently an 18-member delegation from Europe-ASEAN Business Alliance (EABA), a group composed of leading European multinational firms with major business interests in Southeast Asia.

During the meeting, BOI managing head Ceferino Rodolfo assured the delegates economic ties between the Philippines and European countries would be strengthened further through the government’s initiatives and policies that aim to foster a better business environment.

He cited the EU GSP+, Philippines-EU free trade agreement (FTA) and Philippines-European Free Trade Association (EFTA) agreement as huge areas of opportunities EU companies investing in the Philippines may take advantage of.

The BOI said this year’s 18-member EABA delegation is twice the size from the 2014 EABA mission’s nine delegates.

Rodolfo said the increased number of delegates represents the strong interest of European companies to do business in the Philippines. 

He said this year’s EABA delegation consists of high-profile companies operating in the areas of automotive, high-value agro technology, health services, dairy food production, innovation, power and automation, and banking and finance. 

The Philippines is EU’s sixth largest trading partner in the region and 44th worldwide.

The EU, on the other hand, is the Philippines’ fourth largest trading partner with bilateral trade amounting to P738 billion.

European chambers in the Philippines had earlier raised concerns over the alleged extrajudicial killings in the country as well as the President’s verbal attacks against the EU.

The Philippines currently enjoys a beneficiary country status under the EU-GSP+ which allows it to export 6,274 eligible products duty-free to the EU market.