PH secures at least US$4-B worth of investments from Germany

BERLIN, Germany  - The Philippines has secured at least US$ 4 billion worth of investments from Germany amid President Ferdinand ''Bongbong'' Marcos Jr.'s working visit to the country.

The investment deals, which has a total of P220 billion, include three letters of intent (LOI) from different German companies, two memoranda of agreement, and three memoranda of understanding (MOU).

According to the Presidential Communications Office, the first LOI is intended to develop a partner hospital that will become a training center that aims to support the training needs of lower tier hospitals.

Meanwhile, the second LOI is for the development of an Innovation Think Tank (ITT) hub and “spoke model” to address the strategic target of and inclusive innovation ecosystem in the Philippines.

The third LOI is for the strategic and digital partnership in healthcare, with the aim of revolutionizing healthcare in the Philippines, ensuring safety, quality, accessibility and affordability of medical services.

Marcos met with officials from Siemens AG, which focuses on improving the healthcare sector for the Filipino people. The firm unveiled plans for the establishment of the Siemens Healthineers Training Center, a facility that is envisioned to respond to the demands and growing needs for advanced healthcare services within the Southeast Asian region.

A memorandum of agreement was also sealed by the two countries through a Public Private Partnership, which seeks to rehabilitate, reclaim, and recultivate degraded farm lands in the Philippines.

The second MOA, meanwhile, aims to expand potential collaborations in mobility solutions, software services, manufacturing, factory automation, logistics services, energy, security, and safety systems for buildings, consumer appliances, and healthcare.

Three memoranda of understanding that were also signed during Marcos' working visit included the MOU to invest in a fully integrated solar cell manufacturing facility.

There has been ongoing development projects for establishing offshore wind farms in Cavite, Negros Occidental and Guimaras. 

Marcos stressed the significance of these projects in promoting renewable energy sources in the country during his meeting with the WPD GmbH, a company specializing in the development of wind and solar projects.

The project is valued at an initial investment cost of P392.4 billion, making it the largest foreign investment recorded with the Board of Investments (BOI) in 2023.

Marcos called on officials of WPD GmbH to work closely with the Philippine government in bringing foreign manufacturers of RE components, such as propellers and storage batteries, to the country to reduce production costs.

Another MOU was for the investment in a manufacturing facility that will modify automobiles into high-end version and armor protected cars, as well as to manufacture military grade armored personnel carriers for the Asian market.

There was also the MOU that aims to establish data centers that will host a digital insurance platform, which will serve the Philippines and the ASEAN region as the group’s main expansion outside of the European Union. — BAP/KBK, GMA Integrated News