A top ranking official of the EU Parliament has recognized the good progress in the Philippines’ good governance, labor, human rights, and environment – areas that are crucial in the country’s continued privileges under the EU Generalized Scheme of Preferences Plus , whichDepartment of Trade and Industry Secretary Fred Pascual met with the Vice President of the European Parliament Mrs. Heidi Hautala to underscore stronger PH-EU relations on June 27, 2023 in Brussels.
Pascual said that Hautala recognized the good progress in the Philippines especially in the areas of good governance, labor, human rights, and environment with a view that these positive developments continue. She also expressed optimism for stronger and more stable PH-EU economic relations. Pascual made his pitch at the Philippine Business Forum on Green Energy and Digital Technologies together with members of the EU-ASEAN Business Council and the European Chamber of Commerce in the Philippines , the DTI-Board of Investments . Pascual is in Europe for a 3-week investment roadshow.
He underscored that key industries such as electric vehicles , battery manufacturing, mineral processing, electronics, and semiconductors can utilize these resources coupled with reforms and amendments in existing laws for foreign investments, which includes the Corporate Recovery and Tax Incentives for Enterprises Act, the Executive Order on Green Lane Investments and 100 percent foreign ownership in renewable energy projects.