Marcos Obtains Investment Deals Amounting to $4.2 Billion W/ Germany
MARCOS – President Ferdinand “Bongbong” Marcos Jr. has effectively secured more than $4 billion in foreign investments from German corporations.
President Ferdinand “Bongbong” Marcos Jr. is presently in Berlin on an official visit aimed at strengthening diplomatic ties between the Philippines and Germany. The PR 001 aircraft, transporting Marcos and the entire Philippine delegation, touched down in Berlin at 9:49 p.m. local time (4:49 a.m. Manila time).
During his recent visit to Germany, Marcos successfully secured more than $4 billion in foreign investments from German companies, focusing on collaboration in healthcare, information technology, agriculture, and manufacturing sectors within the Philippines. These eight investment agreements were announced and finalized during the Philippine-German Business Forum, hosted by the Department of Trade and Industry at the Berlin Marriott Hotel.
Among these agreements, three were letters of intent from various German companies, two were memoranda of agreement, and three were memoranda of understanding. In his address to German business leaders, Marcos emphasized the pivotal role of German businesses in propelling economic development in the Philippines.
“The part that the private sector plays in our transformation is a central one and it is going to be extremely important in the future. And I believe that this is the case in the now more inter-connected global economy,” he said.
Marcos observed the presentation and exchange of eight varied agreements and letters detailing investments totaling $4 billion, equivalent to approximately P220 billion, for the Philippine economy. These agreements encompass:
A commitment from a German company to invest an additional $150,000 to convert a partner hospital into a training center, addressing the educational requirements of other hospitals and developing a curriculum focusing on imaging technology.
A pledge for an additional $55,000 investment to establish an innovation think tank hub and spoke model aimed at nurturing an inclusive innovation ecosystem.
An agreement for a $109 million public-private partnership venture aimed at rehabilitating, reclaiming, and cultivating 5,000 hectares of degraded farmland for an organic farming project, contributing to the nation’s food security objectives.
An understanding of a $3.5 billion investment in a fully integrated solar cell manufacturing facility, dedicated to processing silicon sand into high-grade silicon ingots for solar cell production.
An agreement for a $71 million investment in a manufacturing facility specializing in converting automobiles into high-end armor-protected vehicles and manufacturing military-grade armored personnel carriers for the Asian market.An understanding of a $38.25 million investment in establishing data centers to host a digital insurance platform serving the Philippines and Southeast Asia, aiming to enhance insurance accessibility in the region.
An agreement aimed at expanding potential collaborations in various sectors including mobility solutions, software services, manufacturing, factory automation, logistics, energy, security systems, consumer appliances, and healthcare.
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