German chamber positive for PHL prospects as region deemed priority

THE German-Philippine Chamber of Commerce and Industry (GPCCI) said the prospects are positive for the Philippines in 2023, with German companies targeting Asia as a priority destination.

“(GPCCI is) optimistic… Germany is pushing companies to go to Asia and the Philippines is one of the destinations…,” GPCCI Senior Vice-President Marie Antoniette Mariano said in a television interview on Thursday.

According to Ms. Mariano, the GPCCI has been receiving inquiries from German firms seeking to invest in the Philippines. She gave no details.  

“In terms of German companies interested to go to the Philippines as investors, we’ve seen quite a number of inquiries. The sectors include renewable energy, energy efficiency, cosmetics, and food products,” Ms. Mariano said.  

“(The GPCCI) knows that the Philippines is ready for business. The GPCCI… will support and assist market entry,” she added.

In November, the GPCCI said German companies currently in the Philippines are expecting their situation to improve in the next 12 months despite global economic headwinds, citing the results of its World Business Outlook survey for Fall 2022.

The survey also indicated that the top risks expected by German firms include disrupted supply chains, high energy prices, and weak exchange rates.

The GPCCI said that the advantages perceived by German companies in the Philippines were the skilled, low-cost workforce and the supplier network.

The Trade department ranks Germany as the Philippines’ 12th largest trading partner, 7th largest export market, and 14th largest source of imports in 2021, with bilateral trade topping $2 billion.

The top Philippine exports to Germany are electronics and semiconductor products while the top Philippine imports are laboratory chemicals, vaccines, and aircraft. — Revin Mikhael D. Ochave