THE Philippines should entice more investors to enter the local market to create more quality jobs and contribute to the economic recovery as it navigates the challenges of recovering from the COVID-19 pandemic.
To this end, improved trade relations with the European Union is crucial, experts said in a recent forum organized by Stratbase ADR Institute in partnership with the EU delegation.
“We heal together and recover together. With all the challenges going on around us, let us accept efforts to create a level playing field and opportunities for industries and sectors for more players to be able to participate, to provide more choices to consumers, and to promote a sustainable approach to trade,” Dr. Ana Isabel Sanchez Ruiz, deputy head and head of the Political, Press and Information Sector of the Delegation of the European Union to the Philippines, said.
Ruiz said to achieve this, “the sobering reality we face now is an opportunity for the Philippines to adopt reforms and policies that will lead the country towards a resilient and sustainable recovery.”
The Philippines is the only Asean country given trade preference in the EU market to GSP+, an important competitive advantage for the country.
Trade Secretary Ramon Lopez, who also chairs the Board of Investments, acknowledged that the recovery trajectory hinges on the policies and programs implemented in response to the pandemic.
“The Philippines would welcome increasing engagement with the EU in this front, given your role as a world leader in this area. We see a lot of complementarities in this exercise, especially that the Philippines is strong in the service sector such as business services and professional services, the growth of which are directly conducive to the advancement in technologies,” Lopez said.
Lars Wittig, president of the European Chamber of Commerce in the Philippines, said the government needs to step up its vaccination efforts to complement business investments.
“Much improvement is required here,” he said. “Otherwise, when the world opens up, the Philippines will suddenly stand out, there could be another wave.”
