German firms keen on doing business in Philippines

German firms keen on doing business in Philippines

German firms keen on doing business in Philippines

German companies are interested in doing business in the Philippines this year, according to the German-Philippine Chamber of Commerce and Industry (GPCCI). The organization’s economic report and outlook found that 59% of German enterprises in the country are expecting enhanced operations this year due to improved perceptions towards economic development (29%), employment (46%), and investment (34%). The report showed that the country’s “Build, Build, Build” program has a positive impact on German companies as it opens opportunities for construction and associated sectors. The study also noted that there will be greater investment and trade opportunities available between the Philippines and Germany. Philippine exports to Germany last year increased 4.87% to USD4.3bn from USD4.1bn in 2017, while imports rose 30% to USD3bn in 2018 from USD2.3bn in the previous year. About 35% of German companies in the Philippines expect a similar level of operations this year, said the study.

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