MANILA – During President Ferdinand R. Marcos Jr.’s recent visit to Germany, the Philippines has successfully secured investments totaling at least USD 4 billion (PHP 222 billion) across various sectors.
President Marcos announced this achievement in a Facebook post on Wednesday morning, highlighting the significance of the business deals in Germany, the economic powerhouse of the European Union.
“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,” President Marcos stated.
During his visit, President Marcos became the first Philippine president in a decade to address German business leaders, coinciding with the 70th anniversary of diplomatic relations between the Philippines and Germany, established on October 8, 1954.
At the Philippine-German Business Forum, President Marcos witnessed the exchange of eight agreements, comprising three letters of intent (LOI) from various German companies, two memoranda of agreement (MOA), and three memoranda of understanding (MOU).
Among these agreements, the first LOI aims to develop a partner hospital into a training center supporting the needs of lower-tier hospitals.
In contrast, the second focuses on establishing an Innovation Think Tank (ITT) hub to foster an inclusive innovation ecosystem in the Philippines.
The third LOI involves a strategic and digital partnership in healthcare with the Department of Health to revolutionize healthcare in the country.
Additionally, a MOA was signed between the Philippine government and a German company to rehabilitate and reclaim degraded farmlands, and an MOA was established to expand collaborations in various sectors such as mobility solutions, software services, and manufacturing.
Furthermore, three MOUs were signed during President Marcos’ visit, including agreements to invest in a fully integrated solar cell manufacturing facility, manufacture high-end automobiles, and establish data centers for a digital insurance platform.
President Marcos emphasized the importance of Germany as a key partner for the Philippines, given its status as the largest economy in the European Union and its global leadership in technology and innovation.
He also highlighted the Philippines’ trade relations with Germany, which ranked as the country’s 12th largest trading partner in 2022, with total trade reaching USD 4.7 billion, making Germany the top trading partner within the European Union.
President Marcos concluded his speech by reaffirming the government’s commitment to implementing policy reforms and key legislations further to enhance the Philippines’ attractiveness to foreign investors.
(el Amigo/MNM)
