THE Philippines is eyeing investments from Europe, particularly in the electronics and information technology-business process management (IT-BPM) industry, Trade Secretary Ramon Lopez said.
“It is still a good time to do business in the country despite the pandemic. The Philippines considers Europe an important trading partner,” he said during a recent forum.
Lopez mentioned the Philippines has a very special trade relationship with Europe because of the Free Trade Agreement and the European Free Trade Association. The Philippines is also the only country in the Association of Southeast Asian Nations to benefit from the European Union’s Generalized Scheme of Preferences Plus.
Lopez said there is still much room for growth considering the level of consumer demand from respective markets and the supply chains that can be developed from complementary industries.
“Beyond these figures, the nature and quality of investments from European companies and business partnerships formed with our companies have helped move the Philippines up the value chain. In particular, we’ve advanced about innovation-based manufacturing and high-value technology-based services,” he added.
Trade Undersecretary Ceferino Rodolfo, meanwhile, said the Philippines is also pushing for more investments in the electronics and IT-BPM industry.
Rodolfo, who is also the Board of Investments managing head, noted that electronics accounted for the biggest share of contribution in Philippine exports with 62 percent, or $39.7 billion in 2020.
“We are home to about 500 semiconductor and electronics companies offering capabilities in various subsectors from electronics manufacturing services, original design manufacturing, design and development services with IC design as the next frontier,” he added.
As for IT-BPM, the Trade official said the Philippines is the first in the world in terms of voice-related services and second in non-voice services with 13 percent of the global market share.
“We have evolved as an alternative destination for low-cost services to providing high-value services such as finance and accounting, HR (human resources), IT and software development, engineering services outsourcing, data analytics, procurement, supply chain management as well as vertical-focused solutions such as health care information services at competitive price points,” he added.
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