President Ferdinand Marcos Jr. secured investment agreements amounting to at least $4 billion or approximately P220 billion during his three-day work visit to Germany.
“We have secured business deals worth USD 4 billion in Germany, the EU’s economic powerhouse!” President Marcos said in a Facebook post.
“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition,” he added.
The investment pacts were discussed during the Philippine-Germany Business Forum held in Berlin, which was coordinated by the Department of Trade and Industry (DTI) on Tuesday.
Among the notable agreements secured are three Letters of Intent (LOIs) from prominent German entities, coupled with two Memoranda of Agreement and three Memoranda of Understanding (MOUs).
One of the key LOIs aims to elevate a partner hospital into a training center for lower-tier medical institutions.
The second LOI focuses on establishing an Innovation Think Tank (ITT) hub and its “spoke model” to enhance innovation in the Philippines.
The third LOI highlights a digital healthcare collaboration with the Department of Health (DOH) to revolutionize healthcare in the Philippines for safety, quality, accessibility, and affordability.
Further enhancing bilateral ties, a Memorandum of Agreement was signed between the Philippine government and a distinguished German enterprise through a Public-Private Partnership aimed at the restoration, reclamation, and rejuvenation of depleted agricultural lands within the Philippine archipelago.
Another pivotal MOA aims to broaden potential collaborations encompassing mobility solutions, software services, manufacturing, factory automation, logistics services, energy solutions, security and safety systems, tailored for diverse sectors including buildings, consumer appliances, and healthcare.
Additionally, three Memoranda of Understanding (MOUs) were exchanged during President Marcos’ visit to Germany.
These included agreements to invest in a comprehensive solar cell manufacturing facility, a manufacturing enterprise for high-end customized automobiles and armored personnel carriers for the Asian market, and the establishment of data centers hosting a digital insurance platform, set to serve the Philippines and the ASEAN region as an expansion outside the European Union.
President Marcos is notably the first Philippine head of state to engage directly with German business leaders in a decade.
“Our mutual commitment to democracy and a rules-based global order makes for a robust and enduring foundation for a sustainable partnership in trade and investment,” President Marcos said during the Philippine-German business forum.
In the same speech, he extended an invitation to German business leaders to explore investment prospects in the Philippines, emphasizing the institutional and structural reforms he has implemented to improve ease of doing business in the nation.