Department of Trade Secretary Ramon Lopez recently said 55 companies that are manufacturing products to combat the COVID-19 pandemic have expressed their interest on investing in the Philippines which paints an optimistic outlook that the country will get back to its economic growth momentum long after this current crisis.
During the virtual general membership meeting of the Philippine Chamber of Commerce and Industry (PCCI) held last May 26, Secretary Lopez said these firms produce medical devices, medical supplies, and electronic components—35 of which are companies that are based in China.
“We want to present the Philippines as a complementary host country,” Lopez said.
In addition to the production of coronavirus-related products, Secretary Lopez noted that there are Chinese and non-Chinese companies manufacturing electrical equipment and appliances, metal products, automotive and auto parts, machinery and equipment, optical lenses, and furniture that are considering on relocating or expanding their operations in the Philippines. Further adding that these companies are either impacted by the pandemic in China or the currently trade tensions between China and the United States.
“One important thing is to accelerate these interests to the realization of investments,” he said.
Secretary Lopez further noted that investors can take advantage of the European Union Generalised Scheme of Preferences Plus (EU GSP+) status of the country, wherein some 6,274 goods enter the EU market free of tariff.
“As we revive the economy, we have to support companies that will keep jobs and income. It’s very critical because it’s the jobs and income that will sustain demand if not strengthen demand. If you strengthen demand, it can encourage companies to produce more and supply and the virtuous cycle will continue,” he said.