PBBM secures at least $4-B investments from Germany

MANILA, March 13 ------ 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 in Germany. “We have secured business deals worth USD4 billion in Germany, the EU's economic powerhouse!” he said in a Facebook post. “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." he added. 

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 also witnessed during the business forum the presentation and exchange of various memoranda of agreement or understanding and letters of intent with different German businesses. 

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.  

Source: pna.gov.ph