By Brian Jules Campued
At least US$4 billion or P220 billion worth of investments from eight business agreements were secured by President Ferdinand R. Marcos Jr. during his three-day working visit to Germany.
“We have secured business deals worth US$4 billion in Germany, the EU’s economic powerhouse!” Marcos said in a social media 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.”
The investment deals, which were made during the Philippines-Germany Business forum in Berlin on Tuesday, included three letters of intent (LOI), two memoranda of agreement (MOA), and three memoranda of understanding (MOU).
According to Malacañang the said agreements are the following:
- An LOI intended to develop a partner hospital to become a training center to support the needs of other lower tier hospitals.
- A second LOI on the development of an Innovation Think Tank hub and “spoke model” to address the strategic target of an inclusive innovation ecosystem in the country.
- Another LOI to revolutionize the Philippine health care system through a strategic and digital partnership with the Department of Health.
- MOA between the national government and a German company through a Public-Private Partnership to rehabilitate, reclaim, and recultivate degraded farm lands in the Philippines.
- A second MOA aiming 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.
- An MOU signifying an understanding to invest in a fully integrated solar cell manufacturing facility.
- Another MOU about an investment in a manufacturing facility that will modify automobiles into high-end 1 of 1 version and armor protected cars, and manufacture military grade armored personnel carriers for the Asian market.
- The last MOU will set up data centers to host a digital insurance platform which will service the country and the ASEAN as the group’s main expansion outside the European Union (EU).
In his speech, Marcos said he looks forward to strengthening the strong business ties between the two countries as Germany is one of the biggest economies in the EU.
“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN region by leading among the countries in terms of investment,” he remarked.
The President also thanked German companies for their interest to support the country’s sustainable and climate resilient initiatives through investments in renewable energy last year.
“To further support these investments, we have put in place several energy transition policies including investment enablers designed to incentivize energy efficiency,” he added.
“We are also working on developing programs that will support and facilitate the efforts to decarbonize our economy. I have high hopes that we can welcome the opportunity for greater cooperation on climate change and energy transition.”
He said the government is also open to having a dedicated dialogue with German firms on the sustainable processing of green metals while adhering to high labor and environmental standards.
Marcos also invited German business leaders to venture in the Philippines as his administration is committed to provide support to foreign investors, mentioning several key legislative amendments to simplify business procedures.
“Together, let us embark on a journey and strengthen economic ties, mutual growth, shared successes. The members of my economic team will ensure that the support needed for growing your investments is extended in a timely and comprehensive way,” he stated. – avds
