Swiss Companies Eye Investments in the Philippines, Says Foreign Minister

MANILA — Swiss Federal Councillor and Foreign Minister Ignazio Cassis highlighted the growing interest of Swiss companies in investing in the Philippines, citing the country as an increasingly attractive destination for business during a bilateral meeting with Philippine Foreign Affairs Secretary Enrique Manalo on Thursday.

According to Philippines News Agency, the ease of doing business between Switzerland and the Philippines has significantly improved following the free trade agreement signed in 2018 between the Philippines and the European Free Trade Association (EFTA) member states—Switzerland, Norway, Iceland, and Liechtenstein. “There is also growing interest by Swiss companies to invest in this country,” Cassis remarked, pointing out that Swiss investments have already generated over 28,000 well-paid jobs in the Philippines.

During their discussion, Cassis and Manalo committed to pursuing the full implementation of the Philippine-EFTA free trade agreement. Cassis emphasized the importance of capitalizing on the opportunities presented by the Philippines’ modernization and economic growth.

The meeting also covered the continuation of Switzerland’s support for peaceful development in the Philippines, particularly its contribution from 2014 to 2021 as chair of the Transitional Justice and Reconciliation Commission. This commission played a key role in the peace agreement implementation in the Bangsamoro region.

Additionally, Cassis and Manalo expressed their concerns about the global trend towards geopolitical fragmentation. Their dialogue touched upon the rising tensions in the South China Sea and Switzerland’s involvement in the United Nations Security Council, including efforts to organize a high-level conference on peace in Ukraine.

Cassis’ visit to Manila concluded his Asia-Pacific tour, which also included stops in India, South Korea, and China. The trip aimed to collect perspectives on the war in Ukraine and explore potential pathways to peace. “Given their political significance, their perspectives on this war are important to the organization of a high-level conference in Switzerland on peace in Ukraine,” he noted.