THE reforms being undertaken by the Philippine government to address corruption are helping improve the domestic investment climate, the European Union (EU) ambassador said.
“Current efforts on good governance and fighting corruption do help a lot to keep the investment climate good,” Massimo Santoro, ambassador of the EU delegation to the Philippines, said on Thursday.
“We very much welcome the current efforts being made by the government on good governance and fighting corruption and ensuring accountability because this is exactly what… maintains investors here,” he added.
He said investors, in general, wish to have predictability, which makes accountability an enabler for attracting new commitments.
“It has a direct impact on the investors’ interest if you want them to continue to stay. So far, we do look at this positively… we will continue supporting any additional action intended to ensure accountability,” he added.
He said the recent economic reforms introduced by the government are also helping attract investors, particularly those from the EU.
“Recent economic reforms and investment liberalization efforts are often cited as evidence that the Philippines is serious about improving its investment climate,” he said.
“This is a good positive signal to European investors. We also hope that this momentum will translate into increased investment flows in the coming year, contributing again to job creation, technology transfer, and development of sustainable and high-value industries,” he added.
However, he noted that further liberalization and effective implementation of the economic reforms will play a big role in attracting more investment.
“Further opening of the market and the implementation of the very good legislative reforms that have been adopted, in general terms, are the enablers for more investors to come,” he added.
He said the sectors Europeans are interested in investing include the green economy, the digital sector, and the service sector.
Norwegian Ambassador to the Philippines Christian Halaas Lyster said that there is strong interest from his country in the maritime sector, renewable energy, the circular economy, and agriculture.
TRADE
Trade in merchandise between the Philippines and the EU grew 3% year on year to 8.3 billion euros in the first half of 2025.
“The growth is particularly encouraging for both sides, taking into account the global uncertainties … and the challenging international trade environment,” Mr. Santoro said.
“I mentioned it already last time. The figures are good, but trade still remains below its full potential, in particular when we compare to regional partners,” he added.
To achieve its full potential, he said the Philippines and the EU must conclude the negotiations for a free trade agreement (FTA).
“It is not only about tariff reduction. The FTA will establish a stable, predictable, rules-based framework for trade and investment between the EU and the Philippines,” he added.
He said that there has been significant progress in the negotiating teams’ text-based discussions.
“The aim is to conclude as quickly as possible, but of course without any compromise of substance and for quality for the agreement,” he added.
The negotiating teams have so far held four full rounds since negotiations were restarted in 2024, while they held smaller-format meetings to discuss specific topics.
“We plan to have our next full round at the beginning of March … We are putting in place, together with our Philippine counterparts, all that is needed to have this done quickly,” he added.
On Thursday, the European Chamber of Commerce of the Philippines, in partnership with DivinaLaw and the Board of Investments, published the Doing Business in the Philippines Guidebook. — Justine Irish D. Tabile
Reforms helping PHL maintain investor interest — EU
Philippines Pandemic
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