MANILA, Philippines —The European Chamber of Commerce of the Philippines (ECCP) on Wednesday expressed optimism about the Philippine economy and the local business environment for this year.
ECCP President Paulo Duarte said they remain “mostly positive” despite the economic impact arising from the situation in the Red Sea and the Israel-Hamas conflict, as well as from the continuing war between Russia and Ukraine.
“We remain mostly positive with regards to the performance of the Philippine economy… also for 2024,” Duarte said during a press conference in Makati.
“I think we have good elements, good tailwinds,” he added, citing the announcement on Wednesday of the 5.6 percent growth of the Philippine economy in 2023.
The ECCP official, whose business group has more than 700 members, also cited as among the encouraging factors in the country the economic reforms being undertaken by the Marcos administration that are expected to make the Philippines more competitive and attractive to foreign investors.
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Duarte also cited the more than P1 trillion worth of investment pledges recorded by the Philippine government in 2023, explaining that they expect these to materialize over the coming years.
Inflation nears target range
Another positive sign cited by Duarte is the headline inflation in the Philippines which is now closer to the government’s target range of 2 percent to 4 percent.
READ: Inflation cools further, pegged at low 2.8% in January
In a previous statement, the European Commission (EC) said the EU was the Philippines’ fourth largest trading partner by regional bloc in 2022, with two-way trade totaling €18.4 billion (P1.11 trillion at €1 = P60.1761) during that year.
The EC said the EU is also one of the largest investors in the Philippines, with the bloc’s foreign direct investment stock in the Philippines reaching €13.7 billion ( about P824.4 billion) in 2021.
ECCP guidebook
Meanwhile, the ECCP has launched the 5th edition of their guidebook for European firms looking to enter the country or expand their local operations.
The ECCP’s “Doing Business in the Philippines (DBIP) 2024,” which was produced in partnership with law firm DivinaLaw, is aimed at guiding these businesses navigate the relevant economic laws and policies in the Philippines.
The more than 120-page guidebook covers topics including investments, taxation, labor and employment and competition laws.
It also has 10 pages dedicated to providing a directory of their partners, as well as of contacts in key government agencies.