PEZA Invites German investors to Philippines

The Philippine Economic Zone Authority (PEZA) recently concluded a week-long investment mission to Germany, aiming to strengthen economic ties and attract more German investments to the Philippines. This mission, held from May 13-17, 2024, is part of PEZA’s aggressive investment promotion efforts.

PEZA Director General Tereso O. Panga highlighted the mission’s objectives: “The mission aimed to touch base and understand the latest trends in the country and European region. This also served as our follow-through on the recent visits of President Ferdinand R. Marcos Jr. and the Department of Trade and Industry (DTI) in Germany, with the goal of increasing the presence of German investments in the country.”

Currently, PEZA hosts 37 German locator companies that have invested over Php 30 billion and created more than 20,000 direct jobs for Filipinos.

During the mission, PEZA partnered with various organizations, including the German-Philippine Chamber of Commerce and Industry, the European Chamber of Commerce in the Philippines, and Sumitomo Mitsui Banking Corporation (SMBC). They also collaborated with the Philippine Trade and Investment Center in Berlin and the Asian Consulting Group.

The delegation attended the IFAT Munich 2024, a major event showcasing modern environmental technologies. “This event is important to PEZA as we are transforming our ecozones into smart and sustainable locations for investments,” Panga stated. The PEZA team met with companies specializing in wastewater treatment and other environmental technologies, exploring potential applications in Philippine ecozones.

PEZA’s engagements included meetings with several high-profile German companies, discussing opportunities in sectors such as automotive, electronics, pharmaceuticals, and more. Among these were discussions with a leading manufacturer of automotive safety sensors and a top producer of semiconductors and passive electric components.

Panga emphasized the strategic importance of these collaborations: “Our collaboration with Germany is important as we get a better sense of the German’s appreciation of the Best Available Technology (BAT) and how it applies to the management of our zones especially as we increase the adoption of eco-industrial, sustainable development, and circular economy frameworks.”

Germany remains a top trade and investment partner for the Philippines, with foreign direct investments reaching $149.89 million and foreign-approved investments at Php 393.99 billion in 2023. The positive economic outlook and the interest of German companies in diversifying their investments make the Philippines a promising destination.

“With President Marcos as our best salesman and with Germany as our top trading partner, we are positive that more German investments will enter the Philippines and help in our goal of making the country the go-to investment haven in the region,” Panga added.

PEZA will further promote investment opportunities during the upcoming business forum on May 29, 2024, themed “Navigating Opportunities for a Sustainable Philippine Economy.”