The Philippine Economic Zone Authority (PEZA) has reported that German investments in the country have reached P42.865 billion, resulting in the creation of more than 21,000 direct jobs. The investment figures were revealed during a meeting between PEZA Director General Tereso O. Panga and Stefan Schmitz, President of the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI).
The discussions focused on strengthening collaboration to promote the Philippines as a smart investment destination for German investors. As part of their visit to the PEZA Head Office, GPCCI officials presented the results of a recent survey and raised various issues and concerns affecting German investors.
PEZA currently hosts 40 registered German locator companies or projects, contributing to the P42.865 billion in investments, which represent 1.57% of the total investments in PEZA. Additionally, these companies have generated $412.664 million worth of exports and provided 21,005 direct jobs.
During the meeting, GPCCI highlighted concerns related to the amendment of the CREATE and PEZA Laws. In response, Panga explained that President Marcos has already issued a statement directing government offices to review the CREATE Law and make amendments to provide relief to PEZA locators. He emphasized the importance of honoring commitments made to investors.
Panga also announced that PEZA would ask Congress to amend the 28-year-old PEZA Law to ensure that it remains competitive in a fast-changing market environment and can cater to the demands of agile locators.
In addition to discussing these matters, GPCCI presented the results of its bi-annual AHK World Business Outlook survey. The survey revealed positive sentiments among GPCCI members regarding the Philippines’ economy, investments, employment, and overall situation. Notably, 46% of participating members expressed their intention to increase investments in the country within the next year.
Recognizing the favorable outlook, Schmitz stated, “Given the recent advancements in the EU-Philippines free trade agreement and the positive outcome of a successful economic briefing in Germany back in July, we are confident that many German businesses will increasingly consider investing in the Philippines.”
Yves Aguilos, the Head of Government Affairs and Data Protection Officer of GPCCI, remarked that this presents a great opportunity for PEZA and the country to attract further investments from German investors.
Responding to the positive outlook, Panga highlighted that the Philippines is projected to have the highest GDP growth rate in the ASEAN region, positioning it as one of the best performing economies. He emphasized the need to capitalize on these opportunities by improving the ease and cost of doing business in the country.
With German investments reaching new heights and the positive outlook for the Philippines, both PEZA and GPCCI are determined to strengthen collaboration and attract more investments to boost economic growth and create employment opportunities in the country.
