Alfredo Pascual—EUGENE ARANETA
MANILA, Philippines — German investments in the Philippines soared to $148.89 million in 2023, the highest since 2005, according to the Department of Trade and Industry (DTI) that hopes to build on the momentum and entice more investments from Europe’s largest economy.
“Germany has consistently ranked as a top trade and investment partner, and 2023 was a record-breaking year,” Trade Secretary Alfredo Pascual said in a statement.
Pascual described the trade relations between the Philippines and Germany as “enduring” and “robust,” helping make the European giant the leading source of approved foreign investments in 2023.
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To enhance trade relations, the Philippines and Germany have identified areas of bilateral cooperation in the minerals processing and investment financing, tagging these two as priority areas following the conclusion of a joint economic mission meeting late last month.
PH-Germany trade relations
The DTI, which took the lead in representing the Philippines in the meeting, said these topics were discussed during the 2nd Joint Economic Commission (JEC) meeting held in Manila on March 27.
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The JEC meeting, which was chaired by Trade Undersecretary for international trade Allan B. Gepty and Federal Ministry for Economic Affairs and Climate Action Parliamentary State Secretary Stefan Wenzel, also focused on strong economic cooperation in manufacturing and industrial services.
Other areas that were tackled include energy, construction and infrastructure, information technology-business process management, innovation and startups, vocational education and training, and labor.