German firms take interest in Philippines

MANILA, Philippines -Inquiries from German investors have been picking up since the latter part of 2013 even amid the desolation caused by typhoon Yolanda, a business group official said.

Brenda Baylon, German-Philippine Chamber of Commerce and Industry (GPCCI) business development manager, said the daily inquiries from the European nation are "overwhelming."

She added that German companies are taking notice of the country's improving image in the world economic scene.

"The nickname other countries gave to us like ‘Rising Star of Asia’, ‘Tiger Economy of Asia’ helped us to gain interests from investors," Baylon said in a state news agency interview on Wednesday.

Baylon also attributed the leap in inquiries to the country's newly granted investment grade ratings from Fitch, Standard and Poor's, and Moody's Investors Service, among others.

She also noted the increase of the German chamber's membership from 28 firms in 2008 to  208 companies at the start of 2014.

Describing the profile of the firms expressing interest in furnishing capital, Baylon said most come from the energy sector specifically involving the construction of substations, transmission lines, power plants, civil engineering, and designs.

Many also come from the electronics and technology sectors, she added.

The chamber has been coordinating with the German firms to bring them into the Philippine market.

Investments from Germany to the Philippines reached EU32.2 million in the first quarter of last year.

Germany, meanwhile, only invested EU 34.9 million throughout the 2011-2012 fiscal year.