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Manila Bulletin devider Business devider Trade & Industry devider German FDIs to PH reach $150 M in 2023

German FDIs to PH reach $150 M in 2023

Published Apr 3, 2024 08:00 am

Showcasing the burgeoning ties between the two nations, foreign direct investments (FDIs) from Germany to the Philippines reached nearly $150 million in 2023, according to the Department of Trade and Industry (DTI).

“Germany has consistently ranked as a top trade and investment partner, and 2023 was a record-breaking year. Foreign direct investment (FDI) from Germany soared to a staggering $149.89 million, the highest since 2005. This momentum continued with Germany emerging as the leading source of foreign-approved investments in 2023, contributing a remarkable P393.99 billion,” said DTI Secretary Alfredo E. Pascual in a statement delivered during the second Joint Economic Commission (JEC) meeting last March 27.

The JEC was held following President Ferdinand Marcos Jr.'s working visit to Germany last March 12, wherein the national government secured around $4 billion worth of business agreements for the country. These comprise three letters of intent (LOIs), three signed memoranda of understanding (MOUs), and two memoranda of agreement (MOA), totaling eight deals.

“The meeting revealed the growing potential of our economic relationship with Germany and the remarkable synergy between our economies. Through the JEC, we are building our shared future–one that leverages our strengths and our united goal of bringing inclusive and sustainable growth for all,” remarked Pascual.

 

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In photo: Delegations from the government and business sector of the Philippines and Germany.

The JEC enabled the Philippines' trade and industry sector stakeholders to engage in further dialogue with German officials and businessmen to discuss business opportunities, especially as the country's growth rate is projected to seesaw between 5.8 to 6.3 percent this year.

“Trade policy is a potent tool to address challenges like climate change.  Under the Philippine Development Plan (2023-2028), we’re positioning the Philippines as a prime destination for investments, especially in environmental, social, and governance (ESG) initiatives," said DTI Undersecretary for International Trade Allan B. Gepty.

“We are also committed to advancing purposive, assertive, and forward-looking free trade agreements (FTAs) that will expand economic space and increase the country’s participation in global supply chains,” he added.

According to Federal Ministry for Economic Affairs and Climate Action (BMWK) Parliamentary State Secretary Stefan Wenzel, Germany sees the Philippines as a "promising partner" as it seeks to "diversify and reduce one-sided dependencies," in reference to its international supply chains.

More than 70 representatives from German and Philippine government agencies and business sectors were involved in the JEC. From the Philippines, they were Philippine Constructors Association Inc. (PCA), IT and Business Process Association of the Philippines, Aboitiz InfraCapital, Inc., Aboitiz Power Corporation, San Miguel Corporation (SMC).

The German stakeholders included were German-Philippine Chamber of Commerce & Industry (GPCCI), German Trade and Invest, Bauer, Bosch, Continental, KfW IPEX-Bank Asia Ltd., Lufthansa Technik Philippines, Mercedes-Benz Group Services Philippines Inc., Start2 Group, Triconti ECC Renewables Corporation, and wpd AG.

In the meeting, discussions on bilateral cooperation were conducted, particularly on minerals processing and investment financing, along with manufacturing, renewable energy (RE), construction, and the information technology (IT) and business process management (BPM).

On critical minerals, Board of Investments (BOI) Director for Resource-Based Industries Service Raquel B. Echague and Department of Environment and Natural Resources-Mines and Geosciences Bureau Engr. Bernardo V. Bitanga showcased the value proposition for minerals processing in the Philippines, and proposed projects like technical assistance for establishing an iron-making facility.

Moreover, DTI Undersecretary for Industry Development and Investment Promotions Group Ceferino S. Rodolfo addressed the "value proposition of KfW IPEX-Bank Asia Ltd. by highlighting the Philippine companies’ engagement in major infrastructure projects holding opportunities for investment financing."

 

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