MAKATI CITY—In a collective effort to strengthen the Philippines-European Union (EU) economic and trade relations, various European business chambers and business groups expressed strong support for the resumption of the negotiations for the PH-EU Free Trade Agreement (PH-EU FTA) on Tuesday, 1 August 2023.
Department of Trade and Industry (DTI) Secretary Fred Pascual stressed, “The PH-EU FTA serves as a platform for the EU’s economic engagement with the Indo-Pacific region, where the Philippines can play a vital role as its strategic trade partner. We recognize the significance of this opportunity and are committed to realizing its full potential.”
Secretary Pascual likewise commended the ongoing efforts of both the public and private sectors in pushing for the resumption of the negotiation. He also emphasized that the FTA will generate millions of jobs for the Filipino people.
Meanwhile, European Chamber of Commerce of the Philippines (ECCP) President Mr. Paulo Duarte announced the creation of a committee that will oversee the FTA negotiations and will ensure strong collaborative efforts between the public and private sectors.
Echoing Secretary Pascual’s emphasis on the enabling business environment in the Philippines, Mr. Duarte also highlighted several points on why the Philippines is an ideal investment destination such as: (1) favorable tailwind from the macroeconomic side; (2) recent economic reforms that opened the Philippine economy to foreign investments; (3) efforts of the current administration to extend its relationship with the EU; (4) attractive market size with about 117 million population; and (5) presence of a young, dynamic workforce.
He underscored, “We remain bullish for the FTA since now is the right moment to do it. The efforts of the visit of President Marcos Jr. last December and the three-week investment roadshow promoting the Philippines for investments are the good things that highlight the interests of the investors as well as the European Union.”
IT Business Process Association of the Philippines (IBPAP) President Jack Madrid also cited, “During the roadshow, we really opened the eyes of the investors as we discussed the Filipino workforce that has been proven agile and resilient throughout the past decades, growing where we are today at 1.6 million employees.”
For Confederation of Wearables Exporters of the Philippines (CONWEP) Executive Director, Ms. Maritess Jocson-Agoncillo, the FTA is set to have a huge impact in strengthening and reducing the tariff of garments and wearables that will eventually contribute to the growth of the sector.
Additionally, DTI Undersecretary Ceferino Rodolfo explained that the FTA will also provide a surge for other sectors such as the agricultural sector, which he described as usually highly protected when looking at the tariff profile of most advanced economies.
From the point of view of the semiconductor and electronics sector, Semiconductor and Electronics Industries in the Philippines (SEIPI) President Dan Lachica stressed that the FTA is more than the tariff and non-tariff barriers, the bigger benefits lie in its potential to develop and grow the electronics industry.
Further, German-Philippine Chamber of Commerce and Industry Inc. (GPCCI), Senior Vice President Ms. Marie Antoniette Mariano expressed that German businesses are very supportive of the FTA alongside the GPCCI. She also mentioned that she looks forward to working with the Philippine government in realizing the goals of the FTA.
Highlighting the benefits of the FTA, Contact Center Association of the Philippines (CCAP) Managing Director Ms. Rosario Cajucom-Bradbury, who also serves as the Corporate Secretary at the Swiss Chamber of Commerce of the Philippines, committed to doing the business organization’s part in raising an additional 1.1 million jobs. These jobs are expected to contribute greatly to the government’s efforts to revitalize the economy, as well as initiatives aimed at making the Philippines an export powerhouse.
Lastly, French Chamber of Commerce and Industry (CCI France) Managing Director Mr. Kevin Charuel expressed his full support for the negotiations since this will also help French businesses grow. He added that he looks forward to the conclusion of the negotiations and is committed to assisting the Philippines towards it.
Trade and Industry Secretary Pascual enjoined all European business chambers to work collaboratively with the Philippine government and enable the establishment of a more solid partnership with the EU to drive economic growth and prosperity. ♦
Date of release: 01 August 2023
August 16, 2023
