Sustaining high-level exchanges between the Philippines and the European Union, Department of Trade and Industry (DTI) Secretary Fred Pascual and European Commission Vice President/Trade Commissioner Valdis Dombrovskis met on 26 June 2023 in Belgium, Brussels.

In the said meeting, Sec. Pascual highlighted the recent policy directions undertaken by the Philippines to create an enabling business environment for foreign investments. He also cited the importance of the EU Generalized Scheme of Preferences-Plus (GSP+) to stakeholders, and how the same contributed to promoting inclusiveness and socio-economic development in the country.

For his part, EVP Dombrovskis appreciates the openness of the Philippines to trade and investments especially the recent major economic reforms introduced by the country in the areas of public services and renewable energy. He also recognizes the value and importance of the EU GSP Plus in enhancing PH-EU trade relations.

To show the current administration’s resolve to work closely with the EU, Sec. Pascual gave an update on recent developments in the country such as the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) agreement, the export strategy of the Philippines, the institutionalization of the Philippine Open Government Partnership, as well as developments in the areas of environment and good governance.

On EU-GSP+, Secretary Pascual remarked, “The continuation of EU GSP+ is beneficial both for the Philippines and the EU in driving inclusive growth and sustainable development.” For the year 2022, EUR 2.93 billion worth of PH products were exported to the EU using GSP+ rates, which yielded a utilization rate of 77% — the highest utilization rate PH logged.

The EU has been one of the largest foreign investment partners of the Philippines with total investments amounting to around EUR 836 million in 2021 and 2022. Most of these investments were recorded in manufacturing, information and communication, real estate, and administrative sectors.