European firms optimistic on PH market expansion amid reforms

European businesses are optimistic about expanding into the Philippine market, driven by ongoing reforms and the prospect of a Free Trade Agreement (FTA) with the European Union.

The EU-ASEAN Business Council (EU-ABC) noted that European firms are confident in the current administration's direction and the potential benefits of the FTA.

Executive Director Chris Humphrey highlighted that the reform agenda initiated by the Marcos administration is improving the ease of doing business in the Philippines.

Specific reforms, including the amended Investor's Lease Act and initiatives supporting the green economy, are making the Philippines a more appealing investment destination.

The ongoing FTA negotiations, which both the Philippines and the EU aim to conclude by the end of next year, are expected to further reduce barriers for European companies.