The European Union is the Philippines’ first net foreign direct investor, second export market, third source of tourist visitors, and fourth source of remittances from overseas Filipino workers.
LAST YEAR, the Philippines exported to the European Union (EU) up to P486-billion (US$ 9.3 billion) worth of goods. That volume makes the EU the second largest market for Philippine-made office and telecommunications equipment, machinery and food products.
The 41-percent jump from P325 billion (US$ 6.2 billion) exported in 2015, reflected the special zero-tariff privileges on up to 6,200 Philippine products the EU granted to the Philippines under the EU’s Generalized Scheme of Preferences Plus (GSP+).
Farmers and fisherfolk, especially those from Mindanao, are reaping the most from the GSP+ benefits on account of its fish, fruits, and other agricultural products.
In investment, according to the Bangko Sentral ng Pilipinas (BSP), net foreign direct investment (FDI) flows from the EU amounted to US$1.683 billion in 2017. This is significantly greater than the US$469.6 million from the United States, the US$56.3 million from Japan, and US$ 28.8 billion from China.
In OFW remittances, the Filipino expatriates in the EU sent back home up to US$3.396 billion to their families.
In tourism, Europeans comprise the third largest group of foreign visitors to the country, next to Americans, Koreans, Chinese and Japanese. In fact, EU tourists to the Philippines are among the fastest to grow in numbers — from 376,440 in 2013 to 583,211 last year, representing a 55-percent five-year increase. Only Chinese tourists are coming to the Philippines with greater speed.
Clearly, the EU is a vital partner of the Philippines in terms of trade, investment, remittances and tourism. Hence we need more awareness about the EU more than the surface media coverage. (Email: angara.ed@gmail.com | Facebook & Twitter: @edangara)/PN
