MANILA, Philippines — Trade Secretary Alfredo Pascual presented the Philippines as an ideal investment destination for French firms in a recent roundtable meeting with a French business group.
In a statement yesterday, the Department of Trade and Industry (DTI) said Pascual led a roundtable meeting with MEDEF International, a non-profit private funded organization composed of representatives from French businesses, as part of efforts to foster potential partnerships and collaborations with French firms.
“About 13 companies from various sectors such as finance, infrastructure, manufacturing, services, and transportation attended the roundtable meeting and expressed positive outlook toward the opportunities available in the Philippines for French businesses as presented by the delegation,” the DTI said.
During the meeting, Pascual acknowledged that MEDEF International is instrumental in strengthening trade and investment relations between the Philippines and France.
“Recently, we witnessed the visit organized by MEDEF International for its members in the Philippines, where many of your companies participated. These developments indicate not only the interest and confidence of the French companies in the Philippines but also the strong relationship we enjoy at the business level,”Pascual said.
The Trade Secretary emphasized that the Philippines is open for business highlighting the country’s recent game-changing economic reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE), amended Public Service Act (PSA), amended Foreign Investments Act (FIA), and the amended Retail Trade Liberalization Act.
He said the reforms are testament to the country’s goal of attracting global players who can modernize our domestic industry and service sectors while diversifying and expanding exports.
“With the reforms I highlighted, the Philippines has seen significant investments in various industries,” Pascual said.
“Our Board of Investments (BOI) recorded a 200 percent surge in foreign investments in 2021, totaling €11 billion across 235 projects. From 2020 to 2022, the Philippines received a total net foreign direct investment (FDI) flow of $28 billion, with Europe accounting for a significant portion,” Pascual said.
He also shared that the government has initiated to roll out the Philippine Business Hub (PBH), a platform that aims to simplify business transactions through digital and online processes.
“This initiative streamlines the registration of businesses, permit renewals, and other activities, making it easier and faster to conduct business in the Philippines,” Pascual said.
Apart from highlighting potential investment opportunities, Pascual also sought the support of French businesses in pursuit of one of the most important agenda of the Philippines with Europe, the renewal of the European Union Generalised Scheme of Preferences Plus (EU-GSP+) preferences and the resumption of the negotiation for the Philippines-European Union Free Trade Agreement (PH-EU FTA).
Pascual is currently leading a three-week investment roadshow in Europe from June 18 to July 6, as part of the government’s efforts to attract more foreign investments.
The roadshow aims to position the Philippines as a viable investment destination for priority markets in Europe such as France, United Kingdom, Belgium, the Netherlands, and Germany.
France is the first stop of the roadshow from June 18 to 21, in parallel with the 10th Philippines-France Joint Economic Commission meeting.
On the sidelines of the meeting, Pascual and the Philippine delegation visited the Schneider Electric Industries SAS Company.