THE German-Philippine Chamber of Commerce and Industry (GPCCI) said on Thursday that the number of German companies that wants to settle business and investments in the country is increasing.
Brenda Baylon, GPCCI business development manager, said in a press briefing that German companies would want to enter the country as business confidence in the Philippines was reportedly increasing in the second half of 2013, mainly the rise of investment grade ratings given to the country.
Baylon said that the Philippines already has a growing reputation in the global economic scene, thus attracting the German firms.
“Also the nickname other countries gave to us like ‘Rising Star of Asia’, ‘Tiger Economy of Asia’ helped us to gain interests from investors,” she said.
Baylon added that the chamber receives a number of investment inquiries to the country on a daily basis, which were mostly investments to construction of substations, transmission lines, power plants, civil engineering, infrastructure design, electronics, information technology and manufacturing sectors among others.
The GCCPI manager said that they target to raise investments from previous records as first quarter investments in 2012 and 2013 reached 32.2 million euros, while 2010 to 2011 recorded 34.9 million euros of investments.
For the start of 2014, Baylon mentioned a large-scale German manufacturing firm entering the country, which would generate 2,000 jobs once the facilities are fully operational, to be located at the Philippine Economic Zone Authority area in Southern Luzon.
Though the company name remains confidential, Baylon said that it would be the first German investment for the year, and they are hopeful that it would continue given the massive investments inquiries to the country at present.
The GPCCI is an organization serving as intermediary between German and Philippine businesses. At present, the chamber has 208 German member-companies from the 38 firms inn 2008. KRISTYN NIKA M. LAZO