The Philippines and Germany agreed to improve trade and investment cooperation during the second day of President Marcos’ three-day working visit to Berlin.
During the joint press conference with German Chancellor Olaf Scholz, President Marcos said he had discussed with Scholz various ways to boost trade and investments between their nations.
Mr. Marcos highlighted Germany as the Philippines’ 11th biggest trade partner.
The President welcomed the presence of German giants like Siemens, Lufthansa, Deutsche Bank, Bayer, and Bosch, signifying the strong economic ties between the two countries.
President Marcos emphasized the Philippines’ impressive economic
performance, boasting a 5.6% GDP growth in 2023.
This upswing, he explained, is fueled by robust domestic consumption, a skilled workforce, a flourishing services sector, and the ever-reliable stream of remittances from overseas Filipinos.
President Marcos went on to highlight the enhanced investment
opportunities in the Philippines.
“Investing in the Philippines is now a more attractive option given
the legal reforms that allow full foreign ownership on certain sectors
such as railways, airports, expressways, telecommunications, and
renewable energy,” he said.
The President expressed the Philippines’ desire to broaden economic
cooperation with Germany beyond its current state.
He pinpointed areas like manufacturing, construction, infrastructure,
IT-BPM, innovation and startups, renewable energy, and mineral
processing as potential avenues for deeper collaboration.
Germany stands as the top source of foreign investments in the
Philippines, contributing a staggering $7 billion (around P393.55
billion) in the first nine months of 2023 alone.
This agreement between the Philippines and Germany signifies a step forward in strengthening economic ties and unlocking new avenues for mutual growth and prosperity, the President said.