Singapore takes the lion’s share of outbound investments to Southeast Asia from the European Union and the United Kingdom of about 70% and 47%, respectively, with the Philippines lagging behind at 5th place and 6th place with 4.59% and 1.7%, respectively, as of 2019. Nevertheless, the Philippines has showed a stellar economic performance in 2022 as compared to its neighbors in the region.
Participants at the European Honorary Consuls’ Meeting 2023 hosted by the European Chamber of Commerce of the Philippines expressed optimism that the Philippines can capture more foreign direct investments (“FDIs”) with the recent easing up of foreign equity restrictions in certain sectors, together with the Philippine government’s aggressive efforts to attract FDIs, particularly from Europe as highlighted in its investment roadshow in Brussels in December 2022.
To recall, the nationality restrictions on renewable energy, transportation and logistics including airports, railways, subways, expressways, tollways, freight forwarding, shipping, air carriers and transport network companies, and in telecommunications have recently been liberalized, while barriers to entry in retail have been significantly eased up.
Key areas of improvement for the Philippines to be able to successfully compete for FDIs from Europe include ease of doing business, as well as environmental, sustainability and governance (“ESG”).
Compelling presentations were delivered during the closed-door session by esteemed speakers led by Mr. Philip Dupuis, Minister Counsellor – Head of the Economic and Trade Sector of the Delegation of the European Union to the Philippines.
Villaraza & Angangco's Kristin Charisse Siao, a corporate and M&A lawyer, was the host and moderator of the event.
The European Honorary Consuls’ Meeting 2023 was held in Cebu City and was attended by honorary consuls for the Visayas of the Czech Republic, Sweden, Belgium, Norway, Romania, and the Netherlands. Also in attendance were representatives from government agencies such as the Board of Investments, Department of Trade and Industry, Department of Health, Department of Labor and Employment, Bureau of Customs, and local government units, as well as leaders from various business chambers and organizations.
Florian Gottein
Jochen Bitzer
Mathias Bergundthal
Mark Frondoso
Alexander Hey
Gordon Alan Joseph
