A business group official said that inquiries have been increasing since the second half of 2013, despite the massive destruction caused by typhoon Yolanda in the country. German-Philippine Chamber of Commerce and Industry (GPCCI) business development manager Brenda Baylon said that the daily inquiries from Germany are overwhelming.
Baylon went on to say that German companies are noticing The Philippines’ improving image in the international economic scene. Baylon said, “The nickname other countries gave to us like ‘Rising Star of Asia’, ‘Tiger Economy of Asia’ helped us to gain interests from investors”.
The manager explained that the increase in inquiries happened due to the nation’s newly granted investment grade ratings from Fitch, Standard and Poor’s, as well as Moody’s Investors Service, among many others. It was also noted that German chamber’s membership went from 28 companies in 2008, to 208 companies at the beginning of 2014.
While describing the profile of firms which are interested in furnishing capital, Baylon said that most of them come from the energy sector, involving the construction of substations, transmission lines, civil engineering and power plants in particular. Moreover, the chamber has been in touch with German firms in order to bring them into the Philippine market. During the first quarter of 2013, investments from Germany to the Philippines reached EU 32.2 million.
Photo Credits: Philstar