Makati City: European businesses are expected to increase their investments in the Philippines in the next four years, results of a survey conducted by the European Chamber of Commerce of the Philippines (ECCP) showed. The 2024 ECCP Business Sentiment Survey gathered members' insights on the general economic outlook and business sentiment in the Philippines, collecting a total of 200 responses. According to Philippines News Agency, survey results released at the ECCP's Philippine Economic Outlook held at The Dusit Thani in Makati City on Thursday indicated that 85 percent of respondents anticipate their level of trade and investment to rise over the next four years. Additionally, 81 percent of the respondents expect their companies to expand during the same period. The survey highlighted growth opportunities, infrastructure improvements, and a focus on sustainability as key drivers of business interest in the country. The ECCP noted that these factors reflect confidence in the Philippines' strong economic f undamentals, improving infrastructure, and alignment with global standards. The survey also assessed changes in the Philippines' attractiveness as an investment destination, supplier market, and sales market. The ECCP reported that 60 percent of respondents observed improvements in the country's appeal compared to other regional markets, with similar sentiments regarding its attractiveness as both an investment and sales market. Looking ahead, respondents expressed positive expectations for the Philippines over the next four years. They anticipate the country's economy to continue growing, driven by public-private partnerships, robust private consumption, investment spending, a growing population, and improved infrastructure. The ECCP noted that respondents expect foreign investments to increase following the passage of several economic liberalization laws such as amendments to the Public Services Act, Retail Trade Liberalization Act, and the Foreign Investment Act. Respondents also believe the Philippines will enhance its infrastructure through strategic investments, tax incentives, job creation, and initiatives such as promoting smart cities and renewable energy. In terms of ease of doing business, the survey revealed that 53 percent of respondents noticed improvements. However, more than 70 percent acknowledged the presence of barriers to investment, business activities, or overall ease of doing business in the country. Additionally, 85 percent of respondents consider the resumption of the European Union-Philippines free trade agreement (FTA) negotiations as important for their business strategies. The ECCP reported that 24 percent of respondents plan to use the FTA for trade in goods and services, 21 percent for trade in services, and 20 percent for investments. The survey also highlighted the need for a proactive approach in addressing key challenges, including combating corruption, accelerating digitalization, and streamlining regulations to create a more business-friendly environment.