During President Ferdinand R. Marcos Jr.’s recent visit to Germany, the Philippines secured investments totaling at least $4 billion across various sectors. President Marcos hailed these deals as a testament to Germany’s confidence in the Philippines as a key partner in the Asia-Pacific.
The visit, coinciding with the 70th anniversary of diplomatic relations between the two nations, marked the first time in a decade that a Philippine president addressed German business leaders.
Key agreements included the development of healthcare infrastructure, innovation initiatives, and partnerships in renewable energy. These agreements encompassed letters of intent (LOI) for hospital training centers and digital healthcare partnerships, as well as memoranda of agreement (MOA) for land rehabilitation and manufacturing collaborations.
Additionally, memoranda of understanding (MOU) were signed for investments in solar cell manufacturing, automobile modification, and data center establishment.
President Marcos emphasized Germany’s status as a vital economic partner and global leader in technology and innovation. He highlighted the growing confidence of German investors in the Philippines and underscored his government’s commitment to policy reforms to enhance the country’s attractiveness to foreign investors.
In 2022, Germany ranked as the Philippines’ 12th largest trading partner, with total trade reaching $4.7 billion, making it the country’s top trading partner in the European Union.
Source: PhilNews24 | March 14, 2024
