Speaking at the 2nd EU-Philippine Business Dialogue held yesterday, European Chamber of Commerce of the Philippines (ECCP) president Michael Raeuber said European businesses have compiled recommendations for the Philippines to address concerns and challenges faced by European companies operating in the country.

The recommendations which cover nine cross-sectors and 13 sectors, were published in the first set of Advocacy Papers under the EU-Philippines Business Network Project co-funded by the EU and implemented by a consortium led by the ECCP and composed of other business chambers such as the Belgian Filipino Business Club, British Chamber of Commerce Philippines, French Chamber of Commerce of the Philippines, German - Philippine Chamber of Commerce and Industry, Italian Chamber of Commerce of the Philippines, Nordic Business Council of the Philippines and Spanish Chamber of Commerce in the Philippines.

Among the recommendations is to open up the economy to more foreign direct investments through the revision of the Foreign Investment Negative List by removing the provisions including the practice of professions and foreign ownership restriction on investment houses, lending firms and financing companies.

European businesses are also pushing for the enactment of legislative measures such as the fair competition law as well as the Customs Modernization and Tariff Act before the end of the term of President Aquino.

Raeuber said such legislative reforms “reflect changing market needs and match what competing markets are offering.”

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Other recommendations seen crucial to attract European trade and investment partners are the establishment of a Department of Information Communications Technology (DICT), liberalizing and modernizing the national procurement framework, and maintaining investor friendly incentive schemes.

Specific recommendations were also given by European businesses in the following sectors: agriculture, automotive, consumer goods and retail, energy, financial services, human capital, ICT - business process management, infrastructure and transportation, manufacturing, maritime, pharmaceuticals, tourism, and water and environment.

While bilateral trade and EU investments to the Philippines have been growing, EU Ambassador to the Philippines Guy Ledoux said in the same event the recommendations are expected to provide opportunities for both parties to discuss how trade and investments can grow at a faster pace.

Trade between the EU and the Philippines have reached a record high of 12.5 billion euros in 2014, up by more than 15 percent compared to 2013.

EU investments in the Philippines meanwhile, have risen by 58 percent to almost P50 billion in 2014.

“These (recommendations) are all important for Philippines’ economic development. They are also key determinants for further trade engagement with European industry,” Ledoux said.

For his part, Trade Secretary Gregory Domingo said the Philippine government is open to the recommendations made by the European businesses.

Source: The Philippine Star