PH Secures PHP 222-B Investment from Germany

The Philippines has secured a substantial USD 4 billion (equivalent to PHP 222 billion) in investments across diverse sectors during President Ferdinand R. Marcos Jr.’s visit to Germany.

President Marcos unveiled this information on Wednesday morning’s Facebook post, underlining the significance of these deals with Germany, a notable player in the European Union. Drawing on the confidence gained from sizable German investments in the Philippines last year, President Marcos hinted at an interest in further collaborations, particularly in areas like climate action and energy transition.

On Tuesday night, President Marcos addressed German business leaders, marking a historical moment that subtly coincided with the 70th anniversary of diplomatic relations between the Philippines and Germany, established on October 8, 1954.

During a business forum attended by President Marcos, several agreements were disclosed, including three letters of intent (LOI), two memoranda of agreement (MOA), and three memoranda of understanding (MOU). Among them, the mentioned LOI focuses on developing a training center in a partner hospital, and there’s also the establishment of an Innovation Think Tank (ITT) hub aimed at enhancing the inclusive innovation ecosystem in the Philippines.

Furthermore, a strategic and digital partnership in healthcare was hushed up through another LOI with the Department of Health, aimed at revolutionizing healthcare in the country.

Meanwhile, a Public-Private Partnership was cemented through an MOA for the rehabilitation, reclamation, and recultivation of degraded farmlands in the Philippines.

Another MOA aims to broaden collaborations in mobility solutions, software services, manufacturing, factory automation, logistics services, energy, security, and safety systems.

Additionally, three MOUs were signed, covering investments in a fully integrated solar cell manufacturing facility, a manufacturing facility for high-end automobiles and armored vehicles, and the establishment of data centers hosting a digital insurance platform.

President Marcos expressed a commitment to fostering low-key business partnerships and collaboration with Germany, quietly recognizing it as one of the largest economies in the European Union and a global force in technology and innovation.

In his speech, President Marcos highlighted Germany’s confidence in the Philippines as an investment partner in the Asia-Pacific and ASEAN region, showcasing the country’s policy reforms and key legislations aimed at attracting foreign investors.

Germany emerged as the Philippines’ 12th largest trading partner in 2022, ranking 10th in exports and 15th in imports.

The total trade between the two countries amounted to USD 4.7 billion, quietly making Germany the top trading partner within the European Union for the Philippines. (ASC)