27 November 2015 - The Philippines participated in the ASEAN Ambassadors Breakfast Meeting with the Europe-ASEAN Business Alliance (EABA) on November 05 to discuss investment opportunities and legislative developments in ASEAN.
EABA is a Singapore-based alliance of European multinational companies which include Shell, UBS, Syngenta, Roche, FrieslandCampina, Sanofi, GSK, Heineken, Philips/NXP, Rolls-Royce, Rabobank and Vriens & Partners.
In 2014, EU was the Philippines’ 4th largest trading partner and a major source of investments (US$1.2 billion or 27.3% of total approved investments).
Philippine Ambassador to Singapore Antonio A. Morales highlighted the important business relationship between the Philippines and EU and invited EABA to continue its engagement with our growing Philippine economy and large market of 100 million consumers.
Ambassador Morales also highlighted the continued efforts focused on increasing competitiveness of the country and to promote more investments, particularly in infrastructure/public-private partnership (PPP) projects, information technology – business process management (IT-BPM), processed food, energy & renewables and aerospace industries. The policy and legislative measures include the recent passage of the liberalization of entry of foreign banks, amendments to the Cabotage Law and the passage of the Philippine Competition Act.
The Embassy of the Philippines in Singapore, particularly through the Philippine Trade & Investment Center (PTIC-Singapore) has established close collaboration with EABA in pursuing increased trade with and investments from the EU. END