Germany trip yields $4 B business deals

BERLIN At least 4 billion or P220 billion worth of investment deals were secured by the Philippines during President Marcos’ three-day working visit here.

- HELEN FLORES

Marcos witnessed the signing of the agreements during the Department of Trade and Industry-organized Philippine-Germany business forum at the Marriott Hotel here on Tuesday night (Manila time).

“We have secured business deals worth $4 billion in Germany, the EU’s economic powerhouse,” Marcos said in a Facebook post yesterday morning.

“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition,” he said.

Of the eight agreements signed, three are letters of intent (LOI) from different German companies, two memoranda of agreement (MOA) and three memoranda of understanding (MOU), according to the Presidential Communications Office.

The first LOI is intended to develop a partner hospital into a training center that will support the training needs of other lower-tier hospitals, while the second is for the development of an innovation think tank hub and spoke model to address the strategic target of an inclusive innovation ecosystem in the Philippines.