(File photo)
MANILA – European businesses are optimistic that the Philippines’ foreign direct investments (FDIs) will rise with the passage of key economic legislations such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and the amendments to Retail Trade Liberalization Act, Foreign Investments Act, and the Public Service Act.
“With this, we are expecting double-digit (growth), billions worth of foreign direct investments to come our way,” European Chamber of Commerce of the Philippines (ECCP) president Lars Wittig said during the launch of ECCP’s Doing Business in the Philippines (DBIP) 2022 Publication on Friday.
Wittig added that the government should further ease doing business in the country with the expected rise in interest of foreign investors.
“Alongside these policy reforms should be initiatives to promote competitiveness and ease of doing business in the country,” he said.
In the same event, Swiss Ambassador to Manila Alain Gaschen said the passage of these economic bills has already borne fruit as there is an investment in renewable energy from European Free Trade Association (EFTA) coming to the country.
Gaschen added that aside from these bills, investors will also look into other factors such as availability and quality of the workforce, electricity cost, transportation cost, and infrastructure as well as the state of corruption and the rule of law in the country.
Meanwhile, the ECCP publishes the DBIP, a booklet that serves as a guide for European investors in setting up business in the Philippines, providing them knowledge on the local business environment and relevant laws and procedures in investing in the country. (PNA)
