Investments of European companies in the Philippines reached around P23.43 billion) last year amid the pandemic.
Top investments from Europe were from the United Kingdom, Netherlands, and France, the Department of Trade and Industry (DTI) said.
“(T)he 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 with regard to innovation-based manufacturing and high value technology-based services,”Trade Secretary Ramon Lopez said.
Lopez urged European companies to look into opportunities in the Philippines particularly in five key sectors —aerospace, automotive, copper, information technology and business process management (IT-BPM), and electronics sectors.
These sectors are the priority industries in DTI’s Make It Happen in the Philippines campaign.
The government is pursuing a more investor-friendly business climate in the country with the passing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which lowers corporate income tax rate from 30 percent to 25 percent, he added.
Photo by PNA