The Philippines and Germany have discussed ways on how to enhance the trade and investment cooperation of the two countries during the second day of the three-day working visit of President Ferdinand R. Marcos Jr. in Berlin.

“We also discussed ways to enhance trade and investment,” President Marcos said in a joint press conference with German Chancellor Olaf Scholz shortly after his bilateral meeting with the German leader on Tuesday.

President Marcos said Germany was Philippines’ 11th trading partner in 2023 and has been a major source of foreign direct investment as he welcomed the presence of German businesses in the country such as the Siemens, Lufthansa, Deutsche Bank, Bayer and Bosch, among others.

The chief executive also highlighted Philippines’ strong economic outlook with a GDP growth rate of 5.6 percent in 2023, outpacing economies in Asia driven by strong domestic consumption, supported by a diverse labor market, growing services industry and remittances.

“Investing in the Philippines is now a more attractive option given the legal reforms that allow full foreign ownership on certain sectors such as railways, airports, expressways, telecommunications, and renewable energy,” President Marcos said.

President Marcos also underscored the efforts of the Philippine government in finding ways to build upon the already strong economic collaboration with Germany, taking it to new heights of economic cooperation.

“The Philippines would like to cooperate in the areas of manufacturing, construction and infrastructure, IT-BPM, innovation and startups, as well as renewable energy and minerals processing.,” President Marcos said.

Germany is the leading source of foreign-approved investments, contributing a substantial USD 7 billion, or PhP393.55 billion in the first nine months of 2023. PND