Philippine News Agency
PBBM bullish on PH-Germany stronger trade, investment, labor ties
The Philippines and Germany have strengthened their 70-year bilateral relationship by expanding cooperation in trade, investment, and labor.
President Ferdinand R. Marcos Jr. described his meeting with German Chancellor Olaf Scholz as productive, meaningful, and fruitful, expressing anticipation for continued strong partnership.
Discussions focused on enhancing trade and investments, noting the presence of major German companies like Siemens, Lufthansa, and Bayer in the Philippines.
Germany was the Philippines' 11th largest trading partner in 2023 and a significant source of foreign direct investment.
The President highlighted the Philippines' economic dynamism, driven by domestic consumption, a diverse labor market, a growing services industry, and remittances.
He also pointed out that recent legal reforms allowing full foreign ownership in key sectors like telecommunications and renewable energy make the Philippines a more attractive investment destination.
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The Philippines secured at least US$4 billion (P220 billion) in investment deals from eight business agreements signed during President Ferdinand "Bongbong" Marcos Jr.'s working visit to Germany.
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President Ferdinand "Bongbong" Marcos Jr. encouraged German business leaders to invest in the Philippines, assuring them it is a "reliable partner" for market expansion.
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President Ferdinand "Bongbong" Marcos Jr. concluded his working visit to Germany, which aimed to strengthen economic and cooperative ties.
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President Ferdinand "Bongbong" Marcos Jr. will visit Germany from March 11 to 13 and the Czech Republic from March 14 to 15 to strengthen bilateral relations, focusing on labor and economic ties.
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President Ferdinand "Bongbong" Marcos Jr. and Czech Prime Minister Petr Fiala agreed to deepen cooperation between the Philippines and the Czech Republic in various areas, including agriculture, trade and investment, defense and security, labor, space, and technology.
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