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Manila Bulletin devider Business devider EU firms explore investments in PH—DOF

EU firms explore investments in PH—DOF

Published Dec 16, 2022 12:39 pm

The Department of Finance (DOF) said the government received strong interest among European-based businesses to invest or explore joint ventures in the Philippines.

In a statement, Finance Secretary Benjamin E. Diokno said these EU-based companies are engaged in renewable energy generation, waste-to-energy projects, IT-BPM, disaster-resilient infrastructure, and technical education.

According to Diokno, these commitments were secured after President Marcos’ series of meetings with EU firms during his three-day working visit to Brussels, Belgium.

Diokno was part of the President’s official delegation on his working visit that sought to strengthen Philippine-EU relations and invite European investors to the Philippines.

The President is also the coordinator for the ASEAN-EU Dialogue and will be serving in the role until 2024.

British multinational consumer goods company Unilever expressed their intention to establish a state-of-the-art manufacturing facility for personal care products in Cavite.

The plan is expected to generate around P4.7 billion in investments and provide employment opportunities to around 130 Filipinos.

Ocea, a French multinational company that specializes in maritime safety, security, navigation, shipbuilding, and integrated logistics support, plans to develop a shipyard in the Philippines with an investment of P1.5 billion.

The plan is expected to create 500 to 600 direct and indirect jobs in the country.

The delegation also discussed potential investments in the energy sector with Spanish multinational firm Acciona—the company behind the construction of the Cebu-Cordova Link Expressway (CCLEX) that links mainland Cebu to Mactan Island.

Meanwhile, Semmaris, a France-based logistics hub management company intends to develop an agro-logistics service in New Clark City, Tarlac that will build and operate a wholesale market for fresh products to ensure efficient food supply and value chain.

The working visit concluded in a roundtable meeting with BusinessEurope, or the Confederation of European Business.

The Brussels-based organization is composed of 40 national business federations across 35 European countries including Denmark, France, Germany, Spain, Switzerland, and the United Kingdom, among others.

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DOF Department of Finance Finance Secretary Benjamin E. Diokno
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