EU committed to be PH’s largest investor – Palace

By: 10 years ago

MANILA, Philippines—The European Union remains committed to pour in foreign investments to the country in the areas of trade, energy, governance, urbanization and migration, a Malacañang official said.

“We continue to receive commitments from European companies which we hope will convert to actual investments following our recognition as an investment destination of choice by the EU,” Communications Secretary Herminio Coloma Jr. said in a statement.

He attributed EU’s business interest to the “administration’s efforts to curb corruption and improve the ease of doing business in the country.”

According to the Department of Trade and Industry, EU is the country’s largest investor by stock with total investments of P440 billion which created about 400,000 jobs.

The net foreign direct investments (FDI) flow from the EU also amount to $174.22 million (P7.764 billion) in 2012 while total FDI stock in 2011 was at $10.35 billion (P461.26 billion), according to the Board of Investments.

“(T)op EU officials pledged to President Aquino increased investments in recognition of the significant reforms implemented by the Philippines to strengthen transparency and good governance which are vital in making the Philippines a preferred investment venue,” Coloma said.

“With the Philippine economy gearing for sustainable long term growth, partnership with European companies can be a crucial factor in enabling the country to reach an inflection point and achieve more breakthroughs,” he added.