MANILA -- President Ferdinand R. Marcos Jr. invited on Tuesday German business leaders to explore possibilities of putting up their businesses in the Philippines saying his administration remains committed to ensuring an efficient support to foreign investors.

“Together with you as our strategic partner, we can make these investments happen in the Philippines,” President Marcos said as he extended his gratitude to the German business leaders who participated in the Philippine-German Business Forum organized by the Department of Trade and Industry at the Marriott Hotel in Berlin.

“I invite esteemed German business leaders to continue to keep in mind the Philippines as a reliable partner that can support your market expansion and your operations,” President Marcos said in his speech during the Philippine-German Business forum organized by the Department of Trade and Industry (DTI).

Among the attendees in the business forum were Dr. Roland Busch, Chairman of the Asia Pacific Committee of the German Business and CEO of Siemens AG, Stefan Wenzel, Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Climate Action, as well executives from Airbus and energy firm wmd GmbH, among others.

During the business forum, the President witnessed the signing of letters of intent and memoranda of agreement for investments in the Philippines by German companies.

President Marcos said the Philippines is the best choice for investments as it remains steadfast in its commitment to purposeful reforms, which are evident in the key legislative amendments.

He said the amendments to the Public Service Act (PSA), Foreign Investments Act (FIA), Retail Trade Liberalization Act (RTLA), and Renewable Energy (RE) Act “mark a new era for strategic investments.”

He added the streamlined business registration, infrastructure development and the Comprehensive Tax Reform Program (CREATE Act), have put the Philippines as one of the fastest-growing economies in Asia.

The President also highlighted other government efforts such as the overhaul of fiscal incentive structures and responsive policies and the public-private partnership (PPPs), which all play pivotal roles in promoting private sector participation.

He also cited the establishment of the Maharlika Investment Fund, which underscores the government’s dedication to financing priority projects and driving socioeconomic impact.

“We prioritize the ease of doing business, exemplified by efforts to simplify tax payments and to streamline regulations, showcasing our unwavering support for businesses,” President Marcos said.

The President noted that Executive Order No. 18 also plays an important role in the government’s efforts to effect ease of doing business through the establishment of green lanes for strategic investments, simplifying procedures and reducing bureaucratic hurdles.

President Marcos also mentioned other legislative measures including the Public-Private Partnership Code of the Philippines, allowing private sector greater participation in the Philippine infrastructure development. He added the Internet Transactions Act also provides the framework for a robust digital economy, which is aligned with the country’s policy with the demands of the 21st century.

Before concluding his speech, President Marcos said Germany’s support is vital to the Philippines’ reapplication to the EU’s GSP+ and for the resumption of negotiations for a PH-EU Free Trade Agreement (FTA). He said Germany’s support to the Philippines is something that he hopes would resonate in the 2nd Session of the Philippines-Germany Joint Economic Commission (JEC) on March 27, 2024 in Manila.

He said the Philippines welcomes the continued participation of the private sector in the discussions of the JEC. “Together, let us embark on a journey and strengthen economic ties, mutual growth, shared successes. The members of my economic team will ensure that the support needed for growing your investments is extended in a timely and comprehensive way,” he said. (PND)