THE European Chamber of Commerce of the Philippines (ECCP) is expecting the Philippines to attract “billions” worth of investments after various industries were cleared to receive up to 100% foreign ownership.
ECCP President Lars Wittig said at a launch of event in Makati City on Thursday that the group is expecting “billions of dollars” worth of foreign direct investment into industries like renewable energy (RE).
The ECCP said investment will be unlocked by the Department of Energy’s green light to relax foreign ownership caps in RE, as outlined in Department Circular No. 2022-11-0034, as well as the amendments to the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act.
Mr. Wittig said that there should be an increased efforts to create green and resilient infrastructure, and to prioritize the wellness and education of the workforce.
Mr. Wittig made the remarks at the launch of its investment guide, “Doing Business in the Philippines 2023,” prepared in partnership with attorneys from DivinaLaw.
The guide updates the previous edition released in 2020.
“The Doing Business in the Philippines publication gives vital information to investors seeking to expand in or enter the Philippine market,” Mr. Wittig said.
“As a valuable resource for businesses interested in exploring opportunities in the country, this booklet aims to arm potential investors with knowledge of the Philippine business environment as well as relevant laws and procedures, empowering businesses to make informed investment decisions,” he added.
Mr. Wittig called for the maintenance of a “sound regulatory environment” and to streamline government processes.
“The ECCP 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,” Mr. Wittig said. — Revin Mikhael D. Ochave