French firms wooed to invest in the Philippines

Trade and Industry Assistant Secretary Allan Gepty,  Trade Secretary Fred Pascual, Philippine Ambassador to France H.E. Junever Mahilum-West, and Philippine Trade and Investment Center France Commercial Counselor Katrina Banzon during the roundtable meeting with MEDEF International chair Philippe Louis-Dreyfus and representatives of French companies.-Contributed photo

Trade Secretary Alfredo Pascual met with 13 French firs earlier this week, as part of the government’s efforts to promote the country as an ideal investment destination for businesses from the European country.

The Department of Trade and Industry (DTI) on Thursday said that Pascual had a roundtable meeting with the MEDEF International, a nonprofit private-funded organization composed of representatives from French businesses during a four-day business mission in France which concluded on June 21.

The meeting was held in the French capital of Paris and included companies from various sectors including finance, infrastructure, manufacturing, services and transportation.

The DTI said these companies expressed “positive outlook” toward the opportunities available in the Philippines for French businesses as presented by the delegation.

Pascual highlighted the recent notable policy reforms that will be beneficial for foreign investors, including the Corporate Recovery and Tax Incentives for Enterprises Law which provides the government with the flexibility to grant fiscal and nonfiscal incentives for high-value strategic investments.

The Philippine trade official also highlighted the amended Public Service Act, which now allows up to 100 percent foreign ownership of public services in sectors such as telecommunications, shipping, air carriers, railways, subways, airports and toll roads.

Likewise, Pascual cited the amended Foreign Investments Act (FIA), which reduced the capital requirement and workforce size, and the amended Retail Trade Liberalization Act which lowered the minimum paid-up capital required for investments in this sector.

“There are other compelling reasons to consider investing in the Philippines. Our country is experiencing a steady march toward economic recovery and expansion,” Pascual said in his speech during the meeting, noting the 7.6 percent growth last year, the fastest rate since 1976. —Alden M. Monzon