The ASEAN region will remain a destination for investments by European Union member countries, a recent poll from the EU-ASEAN Business Council said.
However, the Philippines is not included in the most favored list of ASEAN countries preferred by the surveyed EU business owners.
According to the EU-ASEAN Business Sentiment Survey, released on Wednesday, European business confidence in ASEAN has withstood global trade uncertainty, as respondents say the region has become more important to global revenues, with many expecting to expand business operations in top ASEAN markets, namely Vietnam, Indonesia, Malaysia and Thailand.
In several key ASEAN markets, a majority of respondents continue to plan to expand, with Vietnam (66 percent), Indonesia (60 percent), Thailand (57 percent), and Malaysia (57 percent) ranking as the top four countries for EU business owners to expand their operations.
However, the Philippines was only ranked 40 percent, with 48 percent undecided preference from EU business owners and 12 percent planning to contract operations.
The Philippines will have to do more to promote itself as an investment destination to attract investment from the European Union (EU), as companies within the trading bloc consider Southeast Asia.
Earlier this year, European Chamber of Commerce of the Philippines executive director Florian Gottein said that a lot of EU investments tend to go to Vietnam and, to some extent, to Thailand, Indonesia, Malaysia and the Philippines.