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THE PHILIPPINE - EUROPEAN UNION RELATIONSHIP

The EU is a major trade and investment partner of the Philippines, with two-way trade amounting to billions per year.

In 2013, EU-Philippines trade in goods was worth roughly €11 billion, with over €5.7 billion in exports from the EU to the Philippines. This makes the EU the 4th largest trading partner of the Philippines. The EU key exports to the Philippines include electronics, chemical products, industrial equipment, transport equipment, metal products, paper products, cereals, meat, dairy, and animal feeds, while the Philippines main exports to the EU are electronics, coconut oil, transport equipment, clothing and textiles, fishery products, metal products, industrial equipment, and fruit products.

The EU is also the largest investment partner of the Philippines, with an FDI stock of around €8 billion (2013), or about 30% of total FDI stock in the Philippines.

European companies are estimated to employ around 450,000 Filipinos, a great contribution to the economy. Likewise, Philippine investors have invested some €1.4 billion in the EU.

Filipino migrants living and working in the EU as well as Filipino seafarers manning European ships sent $3.1 billion ( €2.3 billion) back to the Philippines in 2013, making the EU the second largest source of remittances to the Philippines and the largest employer of Filipino seafarers.

ASEAN as a whole would rank as the 8th economy in the world and is the EU's 3rd largest trading partner outside Europe, after the United States and China. When completed, the ASEAN Economic Community will constitute the third largest market in the world, with over 600 million potential consumers. Ensuring a better access for EU exporters to the dynamic ASEAN market is a priority for the EU. Philippines is one of the 10 members of the Association of Southeast Asian Nations (ASEAN), as well as the 5th largest economy in the region and the 2nd biggest market in ASEAN, with some 100 million consumers.

 

Source: European Union External Action