There are plans for several EU firms to outsource in the Philippines due to the country’s workforce. Nordic Chamber of Commerce president Bo Lundqvist said the Philippines is an "outsourcing destination" for information technology (IT), accounting and graphic design jobs.
EU ambassador to the Philippines and EU-Philippines Business Network committee chair Franz Jessen said the country can benefit from technology transfers as European firms hire local workers and establish operations here. He added that Europe focuses mainly on technology because it lacks a young workforce.
However, skills need to be upgraded to meet demand. Guenter Taus, president of the European Chamber of Commerce of the Philippines, said that in Austria, the government offers graduates free courses to upskill workers and meet job demand.
On October 17, 2017, European and Filipino business leaders and international delegates will gather at the 4th EU-Philippines Business Summit (EPBS). The EPBS is a trade forum and opportunity for European businesses to connect with the Philippine government and hold a dialogue on issues like tax reform, liberalizing economic activities and the EU-Philippines Free Trade Agreement.
Taus said this year’s summit aims to continue to strengthen EU-Philippine business relations and encourage further interest in opportunities in the country. About 800,000 Filipinos live and work in the European Union, 30,000 of which are seafarers. The EU is also the second largest source of remittances for the Philippines.