PEZA counting on European firms to expand after PHL signs FTA with EU – BusinessWorld Online
THE Philippine Economic Zone Authority (PEZA) is banking on more investment activity from European firms once the Philippines seals its free trade agreement (FTA) with the European Union (EU).
“We are confident that the finalization of the Philippines–EU FTA will open new opportunities, attracting more European investors to expand and establish operations in the Philippines, create more jobs, boost economic growth, and further strengthen our position as a key investment hub,” PEZA Director General Tereso O. Panga said in a statement on Thursday.
During his meeting with the delegation of the European Parliament Committee on International Trade on Feb. 17, Mr. Panga highlighted the Philippines’ investment environment, reforms, and the opportunities on offer from PEZA economic zones.
He touted the Philippines’ competitive position in Southeast Asia, particularly in services and electronics, with infrastructure poised for modernization.
The Philippines and the EU’s trade relationship is currently anchored on the Generalised Scheme of Preferences Plus (GSP+), which facilitated 2.2 billion euros worth of Philippine exports in 2024.
The Philippines is the only member within the Association of Southeast Asian Nations with an active EU GSP+ arrangement, allowing duty-free entry for over 6,000 products.
With the GSP+ set to expire in 2027, both parties noted the urgency of concluding trade talks to avoid disruptions.
The Philippines and the EU are looking to conclude their FTA talks this year.
The European delegation said its ongoing talks with the Philippines are aimed at assessing issues of policy stability, regulatory transparency, and fair competition.
An FTA with the EU could unlock $12 billion worth of exports, Trade Undersecretary Allan B. Gepty has said, citing estimates by the International Trade Centre. — Beatriz Marie D. Cruz