The EU and the Philippines already have well-established trade relations, with trade in goods worth over €18.4 billion in 2022, while trade in services worth €4.7 billion in 2021, while the EU’s foreign direct investment stock in the Philippines reaching €13.7 billion in 2021.

The Philippines is among the fastest growing emerging economies in the world, projected to see the 2nd highest economic growth in ASEAN with 5.9% GDP growth in 2024.