Oliver 17 0 0 4 min to read

PBBM promises the EU of a better business environment in the PH

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On Wednesday (Brussels time), President Ferdinand R. Marcos Jr. reassured European business executives of the Philippine government’s continuous efforts to enhance the nation’s economic climate.

He made the statement during a speech at the Philippines-European Union (EU) Business Roundtable in Brussels, Belgium. “I would like to tell you that the Philippine government would continue to give support for businesses and investments to expand and succeed constantly,” he said.

He praised the Philippines as “an ideal regional center” for clean technology and renewable energy sources, as well as for innovative and sustainable manufacturing and services.

Marcos claimed that the Philippines has abundant natural resources to house the important industries of Europe.

In reference to the existence of Philippine businesses in Europe, he expressed the expectation of seeing more of these businesses in the future as Europe continues to improve its regulatory framework to stay open, transparent, and business-friendly.

Additionally, Marcos reaffirmed the nation’s resolve to keep its GSP+ beneficiary status with the EU, which serves as the first step toward a PH-EU free trade agreement (FTA).

6,274 products that the Philippines imports into the EU market are duty-free thanks to the EU GSP+.

To keep receiving the benefits of trade, the Philippines must abide by the 27 international treaties on human rights, labor rights, environmental protection, and good governance.

Marcos also informed businesspeople that the government was drafting an Executive Order on the Creation of Green Lanes, which would require concerned offices to set up a Green Lane in order to speed up and simplify procedures like the granting of licenses and permits as well as the resolving of problems with strategic investments.

The law mandates that government organizations and local government units process permission or license applications in no more than three working days for straightforward transactions and in 20 days for very complex operations from the date of receipt.

greatest benefit

In the meanwhile, Marcos praised the Filipino labor force as the nation’s “major advantage,” noting a number of factors that attracted employers to them.

“The labor in the Philippines is our biggest asset. With a population of 107 million and a labor force of 50 million, the Philippines is a large country “said he.

Citing government statistics, he claimed that every year, the Philippines produces 800,000 graduates from a variety of academic fields, with the majority going into business administration, education, science, teacher preparation, engineering, technology, and IT-related fields, as well as medical and related fields.

According to Marcos, the median age in the Philippines is 25 years old, and more than 60 percent of the country’s 49 million workers are of working age.

Aside from being youthful, the Filipino workforce stands out for its high trainability, English language fluency, technological know-how, cost-efficiency, cultural flexibility, and low attrition or turnover rates, according to the expert.

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