4 December 2003 – Trade and investment relations between the Philippines and Belgium are expected to significantly improve with the entry into force of the RP-Belgo-Luxembourg Economic Union (BLEU) Agreement on the Reciprocal Promotion and Protection of Investments.

On 19 November 2003, Philippine Ambassador to Belgium Clemencio F. Montesa exchanged with his Belgian counterpart, Mr. Jan Devadder, the instruments of ratification of the RP-BLEU Investments Agreement, thus completing the procedures for the Agreements’ full entry into force on 19 December 2003.

The Agreement was signed in Manila on 14 January 1998. RP ratified the Agreement on 27 January 1998 while Belgium did so on 17 June 2002.

The RP-BLEU Agreement stipulates that the contracting parties shall promote investments in their territories of investors from the other parties and grant these investments with the most-favoured-nation (MFN) treatment.

There are currently 28 Belgian and Luxembourg companies actively engaged in business in the Philippines, particularly in the fields of transport, dredging/land reclamation, pharmaceuticals, and fiber optic cables. With this investment agreement’s entry into force, the Philippines would become an attractive destination for both Belgium and Luxembourg. As one of the world’s largest financial centers, Luxembourg is potentially a significant source of investment funds.

The signing was witnessed by Ms. Ann De Ridder and Ms. Sabrina Heyvaert of the Federal Public Service Foreign Affairs, and Mr. Alex Lamadrid and Mr. Amador Abutal of the Philippine Embassy. - END