Merkel: Better regulation can bring more FDI to Phl

BERLIN – Better business regulation and competitive laws can bring more foreign direct investment to the Philippines, German Chancellor Angela Merkel said following a bilateral meeting with President Aquino on Friday.

Merkel assured Aquino that German companies are ready to invest in Manila.

“We see the Philippines undergoing a dynamic growth period that is why we encouraged the President to strengthen his contact with German firms,” she said.

Merkel said her meeting with Aquino further increased trade and diplomatic relations between Manila and Germany.

“The Philippines ratified cooperation agreements with the European Union, and I encouraged the President to open up new avenues for mutual trade. In 2013, we were able to get a trade volume of more than $4 billion. Bilaterally, I think this can be increased,” she said.

Aquino’s trip to Europe took place ahead of the 60th anniversary of diplomatic ties between the Philippines and Germany on Oct. 8.

“We were able to underline our shared values and address not only our bilateral relations but international conflicts as well,” Merkel said.

Merkel lauded Aquino for initiating reforms to make business in the Philippines easier.

The legal dispute between the Philippine government and German firm Fraport AG for the construction of the Ninoy Aquino International Airport Terminal 3 was also tackled during Aquino’s meeting with Merkel.

The President said the Philippines would abide by whatever ruling would be issued by the courts on the case.

Aquino has assured European investors reforms have made doing business in the Philippines easier, and that no one is “untouchable” in the fight against corruption.

He said that from cutting bureaucratic red tape to sending a former president to jail to ousting an ombudsman and a chief justice, breakthroughs achieved in the fight against corruption have ensured transparency and a level playing field for investors.

Aquino said German officials were satisfied with the way his administration is managing the Philippine economy.