ECCP at Work

EU still untapped market for PH produce

The Department of Trade and Industry (DTI) has identified the market potential of particular agricultural goods in the European Union (EU) and the United Kingdom (UK) where there is heavy demand for wellness-focused food products. The EU continues to be a largely untapped market for Filipino producers, with products exported only to a select few European Free Trade Agreement (EFTA) countries. UK government statistics show the Philippines lags behind other beneficiary countries in imports and utilization rate.

NCR stays under Alert 2

Metro Manila will remain under Alert Level 2 until the end of February, but two cities and five provinces will be escalated to Alert Level 3, Cabinet Secretary and acting presidential spokesman Karlo Nograles said yesterday. Nograles said the new alert levels are contained in Resolution No. 161, which was issued by the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases on February 14. The new levels were recommended by the sub-Technical Working Group on Data Analytics. The Metro Manila Council had also recommended the retention of Alert Level 2 in the region, according to MMC chairman and Parañaque City Mayor Edwin Olivarez during the nationwide launching of the “Resbakuna Kids” held at The Theatre in Solaire.

Senators to tackle bid to ratify RCEP in May

Senators will tackle the pending move to ratify the Regional Comprehensive Economic Partnership (RCEP), as endorsed by the Department of Trade and Industry (DTI), when they resume session in late May, according to the chairman of the Foreign Relations committee. They target a final plenary vote to ratify or reject the Palace-endorsed accord, which dozens of farm-related organizations oppose, but which government economists and managers want ratified as soon as possible so that the Philippines will not be “left out” from the benefits of joining the multilateral trade deal.

LIST: COVID-19 vaccination certificates of other countries that PH accepts

Travelers from select countries may now present their respective national COVID-19 vaccination certificates to prove their immunization status in the Philippines, the national pandemic inter-agency task force said. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has approved the Department of Foreign Affairs' recommendation to recognize such certificates from the following countries in the link provided.

Over 7,000 visitor arrivals logged since Feb. 10 border reopening

More than 7,000 international visitors landed in the Philippines since the borders reopened on Feb. 10 to fully vaccinated nationals who are not required to obtain visas to enter the Philippines, the Department of Tourism said. Tourism Secretary Bernadette Romulo-Puyat said many of the visitors are balikbayans (returning Filipinos holding foreign nationality), though many other foreigners are here on business or are reuniting with their Filipino spouses and families after a long separation due to the pandemic. According to Ms. Puyat, the foreign nationals are American, Canadian, Australian, British, Japanese, and Korean.

Nomura forecasts 6.8% GDP growth for Philippines

Japanese investment bank Nomura has raised its 2022 gross domestic product (GDP) growth forecast for the Philippines to 6.8 percent from the previous target of 6.5 percent as COVID cases start to ease. In a report, Euben Paracuelles, chief ASEAN economist at Nomura, said the upward revision reflected the faster-than-expected expansion in the third and fourth quarters of last year. “We raised slightly our GDP growth forecast for 2022, mainly reflecting stronger-than expected growth over the last two quarters,” Paracuelles said.

Philippine firms urged to tap European free trade deal

Philippine firms are urged to utilize the free trade agreement (FTA) with the European Free Trade Association (EFTA) to take advantage of the benefits of the deal. In a virtual briefing, Swiss Ambassador to the Philippines Alain Gaschen encouraged Philippine firms to register to trade and export with EFTA countries Iceland, Liechtenstein, Norway and Switzerland. He said the utilization rate of the FTA between the Philippines and EFTA is still low both ways.

Global businesses see declining COVID-19 risks

Global business sentiments have shifted at the start of the new year as businesses now see diminishing risks from COVID, but concerns about monetary policy have increased, according to the latest Global Risk Survey of UK-based think tank Oxford Economics. “The potential impact of higher inflation on monetary policy and financial markets is now a more prominent concern,” it said. The flash survey was completed by 168 businesses across sectors largely on financial institutions, industrial manufacturing and materials, and real estate, real estate finance and infrastructure.

PSA, FIA amendments to attract more European investors into Philippines

The Delegation of European Union to the Philippines and European businesses want to see the enactment and implementation of amendments to the Public Service Act (PSA) and Foreign Investments Act (FIA) to allow the country, which remains a secondary market relative to its Southeast Asian neighbors, to entice more investors from Europe during the launch of the Doing Business in the Philippines (DBIP) 2022 publication of the European Chamber of Commerce of the Philippines (ECCP).

European telcos keen on Philippines after PSA amendments passed

Several European telecommunications companies are eyeing to enter the Philippines after Congress passed a measure allowing 100 percent ownership in the industry and in other public utilities, the European Chamber of Commerce of the Philippines (ECCP) said Friday during the virtual launch of the Doing Business in the Philippines 2022.

EU investors see PH as ‘secondary’ market in ASEAN

The European Union has strongly urged the Philippines to fully implement the economic reform measures to end its long-held image as a mere secondary market in ASEAN for EU investors. In a presentation at the virtual presscon for the launch of the European Chamber of Commerce of the Philippine (ECCP) Doing Business in the Philippines Guidebook, Maurizio Cellini, head of Trade and Economic Affairs, First Counsellor of the EU Delegation to the Philippines, noted that the latest available data showed that European investments in the Philippines grew by 8 percent in 2019 to 14 billion euros.