German aerospace firm Lufthansa Technik Philippines (LTP) is spending P8 billion to expand its hangar in Clark Freeport, the Department of Trade and Industry (DTI) said Thursday.
The investment was discussed during a meeting between the Philippines and the German aeronautic firm at the Philippine Trade Mission to Germany.
“We appreciate Lufthansa’s recent consideration of Manila as a destination for one of its direct flights from Europe to Southeast Asia. It does not only open opportunities for tourism but also for other business services of Lufthansa that the Philippines can support,” said Trade Secretary Alfredo Pascual.
Pascual joined the meeting with President Marcos and LTP president and CEO Elmar Lutter to discuss the company’s plan to build a second hangar in Clark.
Meanwhile, the German-Philippine Chamber of Commerce and Industry (GPCCI) underscored the importance of the agreements signed between the Philippine and Germany in the recent German-Philippine Business Forum in Berlin.
GPPI said the landmark event, graced by the presence of Philippine President Ferdinand Marcos Jr., marked a significant milestone in the strengthening of international business relations between the two countries.
“As the biggest economy in the EU, both in GDP and population, and a global force in technology and innovation, Germany is certainly one of the countries where we look forward to further fostering strong business partnerships and collaborations between our two countries,” President Marcos said.
He said the Philippines is grateful for the interest of German companies to support the Philippines’ commitment to sustainability and climate resiliency.
The president highlighted the importance of Germany as a key partner in the European Union and outlined policy reforms and key legislations aimed at making the Philippines a more attractive destination for foreign investors.