Collaboration, digitalization and innovation are at the forefront of strategies European businesses in the Philippines plan to adopt to maintain a competitive edge, according to the 2024 ECCP Business Sentiment Survey conducted by the European Chamber of Commerce of the Philippines (ECCP).
A significant 82 percent of respondents highlighted the importance of collaborating with local partners and customers as critical to staying competitive.
The study emphasized that collaboration is a crucial element in building strong relationships and gaining a deep understanding of the domestic market—an essential strategy for European companies aiming to expand their presence in the Philippines.
Digitalization emerged as the second most critical factor, with 63 percent of respondents identifying it as a prerequisite for success.
The growing reliance on technology reflects businesses’ efforts to streamline operations, boost efficiency and deliver innovative solutions that meet the evolving demands of the market.
The survey also noted the support of European companies on the resumption of negotiations for the EU-Philippines free trade agreement (FTA) with 85 percent of respondents viewing it as critical to their business strategies.
The FTA is expected to enhance bilateral trade, attract investments, and provide preferential market access for Philippine exports to Europe. Key sectors such as IT-BPO, renewable energy, manufacturing, and agriculture stand to benefit significantly from the agreement.
“The EU-PH FTA is more than just a trade pact; it’s a pathway to deeper economic integration and expanded opportunities for both sides,” the ECCP said.
