February 24, 2024

The Philippine Economic Zone Authority (PEZA) and the German-Philippine Chamber of Commerce and Industry (GPCCI) have reaffirmed their partnership to promote the country as an investment destination for German companies.

In a statement, PEZA Director General Tereso Panga said GPCCI paid a courtesy visit to his office last Aug. 22 to discuss the sentiments of German businesses in the country.

“Given the recent advancements in the EU (European Union)-Philippines free trade agreement and the positive outcome of successful economic briefing in Germany in July, we are confident that many German businesses will increasingly consider investing in the Philippines,” GPCCI president Stefan Schmitz said.

Schmitz also conveyed to PEZA the results of the latest AHK World Business Outlook survey conducted among GPCCI members.

The survey shows that the outlook of German businesses in the Philippines in terms of economy, investments, employment, overall situation and expectation has improved.

The GPCCI also cited the group’s concern and issues in the country, including the amendments of the Corporate Recovery and Tax Incentives for Enterprises (Create) law and the PEZA law, which can affect business decisions of German firms in investing in the Philippines.

For his part, Panga said President Ferdinand R. Marcos, Jr. has already issued a “compelling statement” to look into the amendments to the Create law, noting it is crucial for the government to honor its commitments to the investors.

He added the amendments to the PEZA law should be more updating the legislation for the agency to cope with the demands of the locators and also make the ecozones in the country a more competitive investment destination.

Panga said there are 40 German locators inside PEZA zones with investments amounting to P42.87 billion, contributing USD412.66 million in export revenues and creating 21,005 jobs. – PNA