The German-Philippine Chamber of Commerce and Industry (GPCCI) said on Thursday that there are increasing German companies that would want to establish business and investments in the country, citing the rising competitiveness and business environment of the Philippines.
Brenda Baylon, GPCCI business development manager, said in a press briefing that the 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 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 are mostly investments for the construction of substations, transmission lines, power plants, civil engineering, infrastructure design, electronics, information technology, and manufacturing sectors among others.
The GCCPI official said that the chamber targets 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 that a large-scale German manufacturing firm is entering the country, which would generate 2,000 jobs once its 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. The GPCCI is an organization serving as the intermediary between German and Philippine businesses. At present, the chamber has 208 German member-companies from the 38 firms in 2008.