Manila touts German firms’ prospects in PH
The Philippines is positioning itself as a strategic hub for German companies looking at diversifying operations in Asia.
For this, the government highlights opportunities in electric vehicles (EVs), agriculture, and advanced manufacturing.
This was done at a business forum organized by the German Chamber of Commerce in North China and the Philippine Trade and Investment Center (PTIC) in Beijing last April 28.
At the forum, Philippine Ambassador to China Jaime FlorCruz touted the country’s strategic geographic position as a gateway to the Southeast Asian market and global trade routes.
“Located at the heart of Asia, the Philippines serves as a gateway to the dynamic ASEAN market and global trade routes,” FlorCruz said.
“Our robust infrastructure development, through the ‘Build, Better, More’ program, has modernized ports, highways, and logistics networks, ensuring seamless movement of goods and materials,” he said further.
He added that business-friendly reforms, such as the allowance of full foreign ownership in critical sectors, coupled with improvements in ease of doing business, make the Philippines an attractive investment destination.
Glenn Peñaranda, commercial counsellor at the Philippine Embassy, noted the growing bilateral trade and investment relationship between the Philippines and Germany.
“Germany is now the Philippines’ leading trading and investment partner in the European Union, and we are committed to strengthening this enduring partnership,” Peñaranda said.
“Our aim is to position the Philippines as a regional hub for smart, sustainable manufacturing and services, leveraging our abundant natural resources, skilled labor force, and large domestic market,” he added.
Peñaranda said that the Philippines has also made strides in offering investor-friendly policies. These include the recently introduced incentives package under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Peñaranda said the incentives framework under the law is designed to attract more foreign capital and support job creation in key industries such as EV production, agriculture, and new energy.
