EUROPE-PH News

Uncertainty over the Philippines' political path is expected to put potential investors on the sidelines, after President Rodrigo Duterte declared a "state of lawlessness" following a deadly blast in his hometown that killed at least 14 people and wounded over 60 others.

The president of the European Chamber of Commerce of the Philippines (ECCP) said there is a sense of "hesitation" among European businesses considering investing in the country, amid the spate of extrajudicial killings in the course of the Duterte administration's campaign against illegal drugs and criminality.

ECCP congratulates BDO Unibank, Inc. (BDO) as it moved up in the ranking of the Top 1000 World Banks to 243rd from 255th place the previous year, based on the 2016 lsit released by UK-based publication The Banker.

The European Chamber of Commerce of the Philippines (ECCP) has called on the government to create a blue lane that would allow "good" taxpayers to enjoy certain benefits such as faster processing time and streamlined procedures when paying their obligations.

The European Chamber of Commerce of the Philippines (ECCP) said relocation for informal settlers need not be far from Metro Manila where they earn their living. The poor can be housed in socialized condominium projects which will be require large space. The ECCP is also batting for the creation of a clear roadmap on socialized housing and the introduction of sustainable building materials.

A measure opening documents with the Executive branch to public scrutiny has become law, providing what Malacanang said last weekend would be a "cornerstone" for a Freedom of Information (FoI) Act that has otherwise languished in Congress since at least 1992.

Business leaders were, on the whole satisfied to hear the plans of President Rodrigo R. Duterte in his first State of the Nation Address (SONA), calling it "music" to their ears even as the country's new head of state tended to stray from a prepared speech when he dealt with the war on drugs.

Part of the Duterte Admiistrations 10-point socioeconomic agenda, ultimately aimed at significantly reducing poverty is the plan to ease the almost three-decades old restrictions on foreign investors. According to President Rodrigo R. Dutertes economic managers, this administration will pursue the relaxation of the constitutional restrictions on foreign ownership, except with regards land ownership, in order to attract foreign direct investment (FDI).

Despite the Philippines boasting of a significant amount of women in business, a leading foreign chamber in the country is pushing more initiatives to promote female professionals' role in the workplace and gender equality in the country. The European Chamber of Commerce of the Philippines (ECCP) Women in Business Committee was launched with the aim of working with gender advocates in decreasing the remaining gender gap in the society.

Better infrastructure and a more liberalized economy topped the wish list of European investors in the country for the new administration. While these may be considered obvious choices, theses concerns continue to impact the country's attractiveness as a trade partner.

Businessmen believe that the Philippines could lose billions worth of investments should the proposed shift to a federal system of government be undertaken carelessly. Filipino businessmen and foreign chamber executives told The STAR federalism is poised to gain more if the move is done right as a change in the form of government that President Duterte is advocating would have major implications for the country's investment climate.

Tourism can be another gateway for Cebuano export products to capture the attention of foreign buyers, a top official of the European Chamber of Commerce in the Philippines (ECCP) said.