NextGen Day

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), has emphasized the recent changes that have made the Philippines an important place for French businesses to invest.

The Movement of the Enterprises of France (MEDEF) and Pascual met at a roundtable on June 20 in Paris as a part of the delegation’s three-week European Investment Roadshow, according to a statement released by the DTI on Thursday.

The trade chief visited 13 French enterprises.

From June 18 to 21, the group headed by Pascual was in France for the 10th Joint Economic Commission (JEC) Meeting between the Philippines and France.

Additionally, the authorities met with representatives of other French businesses while at the Paris Air Show.

The trade head informed MEDEF members, “in recent years, we have implemented game-changing policy reforms that have liberalized the regulatory environment while incentivizing investments in our country.”

The harmonization incentives provided by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) statute, as well as the updates to the Public Service Act (PSA), Foreign Investments Act (FIA), and the Retail Trade Liberalisation Act (RTLA), are among the measures that Pascual mentioned.

The nation is also open to renewable energy projects with 100% foreign ownership.

“The Ease of Doing Business (EODB) Act is strengthened by these key policy changes. According to Pascual, our goal is to draw in international firms who can modernize our service and industrial sectors and diversify and increase our exports.

With initiatives like the launch of the Philippine Business Hub, which streamlines business transactions through online procedures, and the issuance of Executive Order 18, which establishes green lanes for strategic investments, the government, according to him, has made significant progress in fostering an environment that is friendly to business.

Pascual advised French companies to look at prospects in developing the 194 infrastructure flagship projects of the government that cost PHP9 trillion as part of the Marcos administration’s “Build Better More” program. Public-private partnerships (PPPs) will be used to complete several of these projects.

Pascual further emphasized the Philippines’ vast prospects for French businesses in the manufacturing, R&D, business process outsourcing, and aviation industries.

“Our national carrier, Philippine Airlines, has decided to add nine Airbus A350-1000 wide-body planes to its fleet and route network. The Philippines’ aerospace sector has enormous growth potential, from production to maintenance, repair, and overhaul (MRO) services, education and training, and the supply of environmentally friendly aviation fuel. We plan to have a direct flight from Manila to Paris soon,” he continued.

As the Regional Comprehensive Economic Partnership (RCEP) took effect in the Philippines on June 2, Pascual also discussed the benefits of establishing industrial hubs there with French companies.

He declared, “The Philippines’ ratification of RCEP opens up a new chapter in our commercial partnership with France. “While Philippine enterprises have access to the sophisticated European market, French businesses can access the enormous Southeast Asian market. By embracing this relationship, we can build a better and more successful future for our nations.

With the recently introduced Philippine Export Development Plan (PEDP), Pascual also provided prospects for French companies.

“French and other foreign enterprises can set up export-focused operations in the Philippines, while local businesses can look into ways to gain access to overseas markets for their goods and services. I encourage French businesses to take advantage of the investment potential in the Philippines and forge long-term alliances. He declared that we are prepared to “Make it Happen” for you in the Philippines.

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