ECCP, PH deepen ties to make PH a more competitive destination for local, foreign investments

MINERVA BC NEWMAN

CEBU CITY – The European Chamber of Commerce of the Philippines (ECCP) marked some of its notable milestones in the country as they deepened their ties and advocated for reforms to make the Philippines a more competitive destination for local and foreign investments with ECCP focusing on its  advocacies, flagship programs and priority agenda in a virtual media roundtable discussion on August 25 with its newly elected president, Lars Wittig.

Wittig said he was honored and humble to be elected president of ECCP especially at this critical time for foreign and domestic companies alike.

“Since the start of the pandemic, the Chamber has continued to support the government and the European-Philippine business community in the country’s transition towards the new normal. During my term, I look forward to building on the excellent work that the Chamber has done,” he said.

He added that ECCP has been a steadfast partner with the Philippines in transition to the new normal and for four decades now, both developed ties for more competitive economic partnership in the region for trade and commerce, energy and water conservation and sustainability initiatives.

Wittig also highlighted the deepening ties with European Chamber regional counterparts and fueling the growth of ECCP members in their regional offices in 2020.  ECCP has been in Cebu for almost 30 years now and he noted the increase in membership to the chamber here in Cebu than ever before.

Wittig’s impressions on Cebu’s response to the pandemic must have contributed greatly to the several milestones of ECCP.  He said that Cebu allowed highly adoptable and highly effective programs to ensure that economic recovery and transition to new normal has come earlier in Cebu than in other places in the country.

For the first half of 2021, Wittig said that the ECCP has accomplished some important milestones that started in February this year when ECCP with the National Renewable Energy Board (NREB) organized and launched the REPH100.  It is a movement in support of the Green Energy Option Program, a private-sector driven initiative calling all ECCP companies to commit to 100 percent renewable energy operations by 2030.

 In June, ECCP launched the first Europa Awards on Sustainability. It awarded companies that exemplified best practices on smart and safer mobility, clean and efficient energy, circular economy, sustainable food and nutrition, green and inclusive finance solutions, and water resource management.

The ECCP also presented the “Sustainability Whitebook” during the Europa Awards.  The “Whitebook” contains the Chamber’s policy recommendations in line with the Sustainable Development Goals and the Philippine Development Plan.

Among the Chamber’s succeeding milestones, according to Wittig include the PEZA Galing Pinas Ecozone Investment Partnership Award 2021’ given to ECCP in honor of its contributions to PEZA.

   

ECCP also created the Defense and Disaster Resilience Committee which aims to strengthen the collaboration amongst industry players in the defense sector and enhance the country’s disaster risk reduction and management and the Creative Committee which will bring together relevant stakeholders for the overall development of the Philippine creative economy.

For the quarterly report of 2020 and the first half of 2021, the overall Foreign Direct Investment (FDI) level of 2020 is roughly 24 percent lower than that of 2019.  In the same year, the Philippines received US$6.5 billion in FDI net inflows with US$323.9 million coming from Europe.  

As for January to May 2021, there was a total of FDI net inflows registered at US$3.4 billion with US$24.2 million coming from Europe.