“With President Ferdinand Marcos Jr.’s initiatives and the anticipated free trade agreement, we expect an increase in EU investments, viewing the Philippines as a viable destination for their ventures,” PEZA director general Tereso O Panga was quoted as saying by Philippine media outlets.
The Philippine Economic Zone Authority expects a surge in investment from the EU amid revival of FTA negotiations between the Asian nation and the bloc.
It is seeking a four-year extension of the GSP+ scheme, which will expire this year end, to maintain the advantage of tariff-free entry into the EU market for a substantial portion of Philippine products.
PEZA hosts 202 projects now with EU equity that employ over 50,000. The FTA is expected to further enhance this, as the EU is the fifth largest trade partner of the Philippines.
PEZA is seeking a four-year extension of the Generalised System of Preferences Plus (GSP+) scheme, which will expire this year end, to maintain the advantage of tariff-free entry into the EU market for a substantial portion of Philippine products.
PEZA is courting investments through international missions, such as the recent venture to Madrid, where prospects for offshoring in industries like shipbuilding and agro-industry were discussed. As Spain has identified the Philippines as a key partner in Asia, PEZA seeks to elevate the trade relationship to include more advanced technology and high-value products.
PEZA is also organising a mission with the German-Philippine Chamber of Commerce and Industry following President Marcos Jr.’s visits to Germany and Czech Republic to bank on investment leads and explore new opportunities.
Fibre2Fashion News Desk (DS)
