The Philippines is one of the fastest growing economies in Asia with a GDP of 6.7% in 2017, and is expected to maintain the same growth in 2018 based on World Bank’s projections.
Total trade in goods between the EU and the Philippines reached approximately $12 billion in 2017. Imports from the EU grew 7% while Philippine exports to the EU grew 12%. Top EU exports to the Philippines include machinery & equipment, mechanical appliances, pharmaceuticals, meat, dairy products, medical devices, and motor vehicles.
The EU is also the largest source of foreign direct investments, contributing 29% to the country’s FDI in 2017. As of the first half of 2017, this amounted to $255 million. It is also the 5th largest source of foreign tourists for the Philippines.
The country has a large population of 105 million with a young average age of 23 years old. Many of the young professionals are employed with IT & knowledge-based service companies such as BPOs and software developers. The BPO industry alone directly employed 1.3 million people in 2017. The Philippines outsourcing industry covers 10-15% share of the global market. In 2017, it generated $23 billion in revenue which is expected to grow at 9% annually.
Remittances of overseas Filipinos, which accounted for approximately 10% of GDP in 2017, are an important source of income for many Filipino families and thus constitute one of the main drivers of private consumption. Its high consumer confidence bodes well for the economy’s strong retail sector.
While other ASEAN countries experience decline in manufacturing, the Philippines shows a steady rate of growth. In 2017, it registered an 8.4% y-o-y increase. Manufacturing contributes 23% to the Philippines’ GDP and accounts for more than half of the country’s industrial sector.
The construction sector which contributes 7% of the country’s GDP is expected to grow fast with the government’s thrust to build more infrastructures under its Build Build Build Program. The current pipeline of about 70 projects for roads, mass transit systems, railroads, airports and seaports is estimated to have a total combined budget of $13.5 billion in 2018.
The Philippines has the specific advantages of having a large young population of 105 million with the median age of 23 years old, English-speaking population, with a high literacy rate. It has an investment grade rating from the credit rating agencies. The Philippines also has the General System of Preferences (GSP) advantage, giving the country an edge in competing for the export markets of the EU and the United States where it enjoys preferential tariffs for its various products.
To encourage investments, the Philippines’ Board of Investments (BOI) is providing various fiscal and non-fiscal incentives in the preferred areas of economic activities specified in the government’s Investment Priorities Plan (IPP). The Philippine Economic Zone Authority (PEZA), on the other hand, has designated about 400 special economic zones located all over the country that provide special incentives to export oriented companies.
- Inform EU companies of the market opportunities in the Philippines for trade and investment;
- Inform EU companies of the advantages and opportunities in setting up their manufacturing, assembly and services facilities in the Philippines,
- Provide organized B2B meetings with potential partners and clients for the EU mission delegates;
- Outline the different investment incentives provided by the Philippine government for EU companies,
- Identify the locations and related business activities that are suitable and attractive for trade and investment,
- Visit to key Special Economic Zones or business centers that are potential investment locations and sources of new business growth for EU companies,
- Meet and network with the relevant Philippine industry officials, stakeholders and potential partners.
Who should join the mission
- Manufacturers, assemblers and service providers that are looking to set-up their facilities in the Philippines;
- Companies interested to distribute and sell their products and services to the Philippines. Focus Sectors:
- Agriculture, food and beverage, consumer & luxury goods, construction, energy, healthcare, maritime, transportation, water/ environment, tourism;
- Creative industries / knowledge-based services: animation, software development, game development, health information management systems, engineering design, and IT-BPM services.
Participation Fee: EUR 1,900
Application & Registration
Application deadline: October 8, 2018.
To register and be considered for selection, EU companies shall:
Complete the online registration form by following the button below.
Submit to EPBN their company profile, including expectations on the Philippine market.
Pay the full amount of the participation fee of EUR 1,900 and send a
copy of the bank transfer to validate the registration by October 10, 2018.
EPBN cannot guarantee a specific number of B2B meetings.
In case of cancellation of participation, no refund will be issued.
EU Outreach Officer
+63 (0) 832 8122
+63 (0) 917 813 4080
Business Support Officer
+63 (0) 2 832 8122
+63 (0) 917 805 2133