MAKATI CITY — President Ferdinand R. Marcos Jr. expressed optimism that negotiations for the Philippines-European Union Free Trade Agreement (PH-EU FTA) would conclude by 2027, aiming to significantly enhance bilateral trade and investment relations.
According to Philippines News Agency, statement delivered by Executive Secretary Lucas Bersamin at the 2024 European-Philippines Business Dialogue and European Investors' Night on Monday, President Marcos described the PH-EU FTA as essential for expanding the trade relationship between the Philippines and the EU. "We look forward to negotiations being finalized by 2027 and to elevating trade and investment flows through a comprehensive agreement that includes advanced provisions for digital trade and intellectual property rights," Marcos stated in remarks quoted by a Presidential Communications Office news release.
The resumption of formal talks, jointly announced last month by Trade Secretary Alfredo Pascual and European Commission Executive Vice President Valdis Dombrovskis, comes after negotiations stalled in 2017 due to EU concerns over human rights issues in the Philippines under the previous administration. The ongoing negotiations are anticipated to increase bilateral trade by approximately 6 billion euros (around PHP369.7 billion).
President Marcos highlighted the FTA’s potential to open new opportunities, improving market access for Philippine goods and services, and facilitating investment, technology, and expertise exchange, which he noted would bring mutual benefits. He emphasized the symbolic nature of the FTA as a cornerstone of shared aspirations for future prosperity and collaboration.
Marcos also underscored the Philippines' welcoming stance toward EU investments in sectors like renewable energy and electronics manufacturing, which align with the Philippines' export strengths and emission reduction targets. Additionally, he pointed to opportunities in agricultural and fishery processing and public-private partnerships in sustainable infrastructure, which are poised to expand significantly.
To enhance the business environment and maximize the FTA’s benefits, the Philippine government has enacted several reforms, including the Retail Trade Liberalization Act, the Foreign Investment Act, the Public Services Act, and the Green Lanes Initiative for Strategic Investments.
Furthermore, President Marcos touted the administration’s 'Build, Better, More' program, which includes 185 major infrastructure projects worth approximately US$161 billion (around PHP9.2 trillion). These projects, covering sectors such as renewable energy, waste management, transportation, and disaster mitigation, aim to boost the Philippines' appeal as an investment destination. He also highlighted the Maharlika Investment Fund, the Philippines' first sovereign wealth fund, designed to engage the private sector in financing key infrastructure projects.