SECURING INVESTMENTS. President Ferdinand R. Marcos Jr. meets with German business leaders at the Philippine-German Business Forum in Berlin on Tuesday (March 12, 2024). Marcos has secured at least USD4 billion (PHP 222 billion) worth of investments in various sectors during his working visit to Germany. (PCO photo)
MANILA – The Philippines has secured at least USD4 billion (PHP222 billion) worth of investments in various sectors during President Ferdinand R. Marcos Jr.'s working visit to Germany.
“We have secured business deals worth USD4 billion in Germany, the EU's economic powerhouse!” he said in a Facebook post Wednesday morning.
“Last year's significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition."
On Tuesday night (Manila time), Marcos became the first Philippine president to address German business leaders in 10 years, coinciding with the 70th anniversary of Philippine-Germany diplomatic relations.
The Philippines and Germany established their diplomatic relations on Oct. 8, 1954.
Marcos witnessed during the business forum the presentation and exchange of eight agreements — three letters of intent (LOI) from various German companies, two memoranda of agreement (MOA), and three memoranda of understanding (MOU).
According to the Presidential Communications Office, the first LOI is intended to develop a partner hospital to become a training center to support the training needs of other lower-tier hospitals, while the second is for the development of an Innovation Think Tank (ITT) hub and “spoke model” to address the strategic target of an inclusive innovation ecosystem in the Philippines.
The third LOI is for a strategic and digital partnership in health care with the Department of Health that aims to revolutionize health care in the Philippines, ensuring safety, quality, accessibility, and affordability.
A MOA was also entered between the Philippine government and a German company through a Public-Private Partnership to rehabilitate, reclaim, and recultivate degraded farmlands in the Philippines.
The second MOA aims to expand potential collaborations in mobility solutions, software services, manufacturing, factory automation, logistics services, energy, security, and safety systems for buildings, consumer appliances, and health care.
Three MOUs were also signed during Marcos’ visit to Germany, including the understanding to invest in a fully integrated solar cell manufacturing facility.
The second is an investment in a manufacturing facility that will modify automobiles into high-end 1 of 1 version and armor-protected cars, as well as manufacture military-grade armored personnel carriers for the Asian market.
The third MOU is to put up data centers that will host a digital insurance platform that will serve the Philippines and the ASEAN region as the group’s main expansion outside the European Union.
Marcos, in his speech, said Germany is one of the countries that the Philippines is looking forward to further fostering strong business partnerships and collaboration, being one of the biggest economies in the European Union.
He said Germany has the biggest economy both in Gross Domestic Product and population and a global force in technology and innovation.
“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN (Association of Southeast Asian Nations) region by leading among the countries in terms of investments,” Marcos said.
The President also touted the policy reforms and key legislations made by his government to make the Philippines a reliable partner for foreign investors.
In 2022, Germany was the Philippines’ 12th largest trading partner, 10th export market, and 15th import supplier.
The Philippines’ total trade with Germany reached USD4.7 billion in 2022, with USD2.8 billion in exports and USD1.9 billion in imports.
Germany is also the Philippines’ top trading partner in the European Union. (PNA)
