A PHILIPPINE delegation pitched Dutch businesses on potential investments, the Department of Finance (DoF) said.
In a statement on Wednesday, the DoF said the meeting was attended by more than 30 Dutch participants from major businesses and financial institutions.
The meeting was co-organized by the Department of Trade and Industry, the Philippine Trade and Investment Center, the Bangko Sentral ng Pilipinas. It was hosted by Dutch bank ING.
“Despite all the uncertainty that we’ve seen over the past couple of years, the Philippines continues to grow,” ING Chief Executive Officer Steven van Rijswijk said.
He said over 100 Dutch companies have invested in the Philippines, generating over $5 billion in export revenue and creating about 350,000 jobs.
“We’ve been to the Philippines for 35 years,” Mr. Van Rijswijk said.
One of the head delegations, on behalf of Finance Undersecretary Domini S.D. Velasquez presented economic updates at the dialogue, noting that the country is “making strides to become more open, liberalized, and globally competitive than ever before especially with the recent enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act that will ensure the long-term success of businesses.”
Trade Undersecretary Rodolfo’s presentation focused on priority investment areas eligible for incentives, including electric vehicles, smart manufacturing, semiconductors and electronics, green metals, food and agriculture, tourism, renewable energy, and data centers or telecommunications infrastructure.
For five consecutive years, the Netherlands has been the Philippines’ second-largest trading partner and export market in Europe.
It is also a leading source of foreign direct investment in the Philippines within the European Unions.
About 100 Dutch firms operate in the Philippines, including ING, TNT Express Worldwide, Heineken International, and Philips. — Aubrey Rose A. Inosante
