MANILA, Philippines — The Philippines is seeking enhanced cooperation and investment opportunities with Germany in a bid to boost the local economy.
Finance Secretary Ralph Recto recently met with German Ambassador to the Philippines Andreas Michael Pfaffernoschke to discuss the country’s economic prospects and explore further cooperation with German investors.
Pfaffernoschke lauded the government for enhancing the ease of doing business in the country and eliminating trade barriers.
The ambassador likewise recognized the Philippines as one of the top performing economies and growth drivers in Southeast Asia, proving investors’ positive view on the country’s investment environment.
Data showed that Germany has consistently ranked as a top trade and investment partner for the Philippines.
Last year, foreign direct investments from Germany soared to $149.89 million, the highest since 2005.
Germany emerged as the leading source of foreign-approved investments contributing almost P400 billion.
Recto said that the enactment of the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, targets to encourage more German investors to pour resources into the Philippines.
Expected to be passed within the year, CREATE MORE targets to enhance both fiscal and non-fiscal incentives, resolve key investor concerns and respond to emerging global developments.
It will also streamline business compliance by reducing documentary requirements and exempt export-oriented enterprises from paying value-added tax.
Specifically, the government is looking to attract more investments in clean and renewable energy, green infrastructure, sustainable agriculture and waste-to-energy technologies, among others.