MANILA, Philippines — The European Chamber of Commerce of the Philippines (ECCP) expects billions of dollars worth of foreign direct investments (FDIs) to enter the country, driven by economic reforms implemented by the Philippines.

This was shared by ECCP president Lars Wittig at the press launch of the Doing Business in the Philippines publication yesterday.

The ECCP cited the passage of key economic reforms such as the passage of the amendments to the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act, as well as the relaxation of the foreign participation limitation in the renewable energy sector, as the driver of optimism among European business leaders and officials for higher FDIs in the country.

“Following the enactment of these landmark measures, it is incumbent upon the country to continue facilitating the ease of doing business and further improving the business climate,”Wittig said.

In a bid to attract and support more potential investors to the Philippines, the ECCP has partnered with Divina Law for the Doing Business in the Philippines (DBIP) 2023.

“The Doing Business in the Philippines publication gives vital information to investors seeking to expand in or enter the Philippine market,” Wittig said.

“As a valuable resource for businesses interested in exploring opportunities in the country, this booklet aims to arm potential investors with the knowledge of the Philippine business environment as well as relevant laws and procedures, empowering businesses to make informed investment decisions,”he said.

The 2023 publication is an updated edition of the previously released version in early 2020.

Wittig pointed out that doing business in the Philippines continued to improve in 2020, with the economy ranking 95th in the World Bank Doing Business report from 124th in 2019.

The Philippines also ranked the fifth most competitive in the Association of Southeast Asian Nations (ASEAN) in the Institute for Management Development (IMD) 2022 World Competitiveness Ranking.

Wittig stressed that promoting a sound regulatory environment and streamlining government processes are crucial to further improve the business conditions in the Philippines.

“The Chamber has actively advocated for the development of physical and digital infrastructure for investment facilitation, as well as the creation of a competitive fiscal incentives regime, further economic liberalization, and the strengthening of the sanctity of contracts. Such reforms are imperative to attain a more competitive, fair, and more inclusive business climate in the country,”Wittig said.

The ECCP has lauded the government’s efforts in advancing key economic reforms, recognizing the intensified efforts of various stakeholders to further improve the business climate in the country.

Alongside these reforms, Wittig further stressed that step-up efforts such as creating green and resilient infrastructure as well as further prioritizing the wellness and education of the Filipino workforce, be also prioritized.

“As always, the ECCP stands ready to support firms in making their way into one of ASEAN’s most dynamic and fastest-growing economies. We hope that this booklet would encourage potential investors to conduct business in the Philippines,”he said.