Phl top choice for EU investors

The country remains as the top choice of investors from European Union member-states that are interested in putting their money in trade, energy, governance, urbanization and migration, a Palace spokesman said.

“We continue to receive commitments from European companies which we hope will convert to actual investments following our recognition as an investment destination of choice by the EU,” said Secretary Herminio Coloma Jr., chief of the Presidential Communications Office.

Coloma said the government continues to secure investment commitments from European companies, as he attributed the sustained business interest to the administration’s efforts to curb corruption and ease the process of doing business in the country.

Data from the Department of Trade and Industry shows the EU is currently the country’s largest investor by stock with total investments amounting to P440 billion. This investment alone has created at least 400,000 jobs in the country. Figures from the Board of Investments show the net foreign direct investment ( FDI) flow from the EU amounted to $174.22 million in 2012 while total FDI stock in 2011 was at $10.35 billion.

Coloma said EU investors remain bullish on the country as additional investments from companies in EU member countries are expected to further solidify the EU’s position as the largest investor in the Philippines.

“We are gratified to see the fruition of commitments made at the ASEAN-Europe Summit in Vientiane in late 2012,” Coloma said.

Top EU officials pledged increased investments in recognition of the significant reforms implemented by the Philippines to strengthen transparency and good governance.

“With the Philippine economy gearing for sustainable long-term growth, partnership with European companies can be a crucial factor in enabling the country to reach an inflection point and achieve more breakthroughs,” Coloma said.—