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Swiss companies briefed on PHL efforts to curb red tape

THE Philippine Embassy in Switzerland said it briefed Swiss businesses in Zürich this week on ease of doing business reforms in the Philippines.

In a statement Tuesday, the embassy said it and Asian Consulting Group (ACG) delivered a briefing on the business climate in the Philippines, hoping to attract investment.

“The Philippine government is actively addressing the issues of red tape which would hopefully ‘roll out the red carpet’ for Swiss and other companies from overseas to invest in the country.” Raymon M. Abrea, founding chairman and chief tax advisor of ACG was quoted as saying in the briefing, according to an embassy statement.

At the briefing, Philippine Ambassador to Switzerland Bernard Faustino M. Dy reiterated that the Philippines is driving its economy to become a “regional hub for smart and sustainable manufacturing and services.”

Swiss companies now see the Philippines as a more attractive investment destination due to the easing business conditions compared to past years, Swiss Federal Councilor and Minister of Foreign Affairs Ignazio Cassis said during his meeting with Philippine Foreign Affairs Secretary Enrique A. Manalo in February.

In January last year, the Philippines obtained $24.7 million in initial investment pledges from Swiss companies during a roadshow on the sidelines of the Philippines-European Free Trade Association and the Philippines-Switzerland Joint Economic Committee meetings in Switzerland.

According to the Board of Investments, Switzerland was the Philippines’ 26th largest trading partner in 2021, 17th largest export market, and 29th largest source of imports. — John Victor D. Ordoñez