Pascual urges ECCP: ‘Help us with capital’

We are keen to facilitate our technical cooperation in areas that would benefit both the Philippines and the EU. We will be glad to hear more from the EU on its best practices

Trade Secretary Alfredo Pascual is wooing the European Chamber of Commerce of the Philippines to help the government in attracting more European investors to expand operations in the country.

During the ECCP Membership Luncheon Meeting on Thursday, Pascual said the DTI and the ECCP members have plenty of potential areas for cooperation and joint ventures, even as he regards the ECCP as essential in supporting the Department’s Industrialization strategy.

“We are keen to facilitate our technical cooperation in areas that would benefit both the Philippines and the EU. We will be glad to hear more from the EU on its best practices,” he said in his speech before the Chamber.

Potential collaboration and partnership between the DTI and ECCP include critical areas of industrial development such as green economy/green metals processing, as the country is transitioning toward an innovative, greener economy.

Global demand for green metals

“We are taking advantage of the increasing global demand for green metals and catching up with other countries in their production and processing. As the Philippines have a huge potential for green metal production and processing, we can be the EU’s strategic partner in supplying critical minerals required for European electric vehicles and battery production sectors,” he said.

Pascual said this is because the Philippines has abundant resources of green metals, such as nickel, cobalt, and copper, as well as its commitment to environmental protection and responsible mining to ensure the long-term sustainability of these natural resources.

“The Philippines welcomes EU investments in the country’s mining and downstream processing of minerals. This will contribute to the EU’s collective aspiration to resolve existing challenges in the e-mobility and electronics sector, particularly the long -term supply of the mentioned critical metals,” he said.

Other areas of cooperation

Other areas of cooperation being asked the European business owners by Pascual are with regard to digitalization/ IT-BPM, renewable energy, sustainable trade Initiatives, science, technology, and innovation and defense.

“Let me reiterate that the Philippines counts on European businesses’ continued support for our re-application in the upcoming renewal of the EU -GSP+ scheme and our advocacy to resume the PH-EU FTA negotiation. Your business presence here proves that the Philippines stands on sound economic and social reforms. It also attests to the consistency and openness in our engagements with the EU. Both are a solid foundation to expand further and deepen our trade relations,” according to the Trade chief.