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PBBM secures $4 billion investment deals during working visit to Germany
PBBM secures $4 billion investment deals during working visit to Germany
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PBBM secures $4 billion investment deals during working visit to Germany
by Christhel Cuazon13 March 2024
Photo courtesy: Presidential Communications Office website

President Ferdinand 'Bongbong' Marcos Jr. has successfully secured at least USD 4 billion or PHP 220 billion worth of investment deals from eight different types of agreements during his three-day working visit to Germany.

The investment deals were made during Tuesday's Philippine-Germany Business Forum in Berlin organized by the Department of Trade and Industry (DTI).

"We have secured business deals worth USD 4 billion in Germany, the EU's economic powerhouse! 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," the President said in a Facebook post on Wednesday.

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Of the eight agreements, three are letters of intent (LOI) from different German companies, two memoranda of agreement, and three memoranda of understanding (MOU).

The first LOI is intended to develop a partner hospital to become a training center to support the training needs of other lower-tier hospitals while the second is for the development of an Innovation Think Tank (ITT) hub and “spoke model” to address the strategic target of the of an inclusive innovation ecosystem in the Philippines.

The third LOI is for the strategic and digital partnership in healthcare with the Department of Health (DOH) to revolutionize healthcare in the Philippines, and ensure safety, quality, accessibility, and affordability.

A memorandum of agreement was also entered between the Philippine government and a German company through a Public Private Partnership to rehabilitate, reclaim, and recultivate degraded farmlands in the Philippines.

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The second MOA aims to expand potential collaborations in mobility solutions, software services, manufacturing, factory automation, logistics services, energy, security, and safety systems for buildings, consumer appliances, and healthcare.

Three memoranda of understanding (MOUs) that were also signed during President Marcos’ visit to Germany included the understanding to invest in a fully integrated solar cell manufacturing facility.

Another MOU is an investment in a manufacturing facility that will modify automobiles into high-end 1 versions and armor-protected cars, as well as manufacture military-grade armored personnel carriers for the Asian market. The last MOU is to put up data centers that will host a digital insurance platform that will serve the Philippines and ASEAN region as the group’s main expansion outside of the European Union.

Marcos is the first Philippine president to address German business leaders in 10 years.

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During his speech, he invited German business leaders to invest in the Philippines, citing the institutional and structural changes he has implemented to carry out the ease of doing business. PND

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