NextGen Day

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), has invited German investors to look into business prospects in the Philippines, particularly in the manufacturing, infrastructure, electric car, and services sectors.

In a business conference held by the German-Philippine Chamber of Commerce and Industry (GPCCI) on Tuesday in Makati City, Pascual suggested that they might make use of the EU’s 300 billion euro Global Gateway Fund to contribute to the nation’s current infrastructure projects.

The private-public partnership (PPP) arrangements for infrastructure projects in the areas of water storage and management, renewable energy, waste management, logistics and transportation, and disaster mitigation have been revived, according to the new Philippine administration, he said.

Being a pioneer in the field of electric cars (EV), Pascual urged German companies to collaborate in this area and promote sectors involved in EV production, such as mineral mining.

“The Philippines’ sizeable green metal reserves of nickel and copper can be tapped by the German government and the German corporate sector. By doing this, you would guarantee the availability of these vital resources in support of your nation’s goal of having a fully electric automotive industry by 2030. In return, Germany will provide the Philippines with extensive experience and knowledge in nickel and copper downstream processing.

According to Pascual, German businesses still have a lot of prospects in the Philippines’ manufacturing and service sectors, particularly in information technology and business process management (ITBPM).

According to him, the government has pushed for policies like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the revisions to the Foreign Investment Act, Retail Trade Liberalization Act, and the Public Service Act that will encourage more foreign businesses to invest in the nation.

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