German auto parts, lubricant-maker to set up plants in PH
Resource from: InterAksyon Likes:154
Jan 10,2014
MANILA - German firms are coming to the Philippines to set up manufacturing hubs for industrial lubricants and automotive parts, their business chamber's local arm said on Thursday.
In a briefing, Brenda Baylon, German-Philippine Chamber of Commerce and Industry (GPCCI) business development manager, said the autoparts company is already in the final stages of its plan to set up shop, which is expected to employ 2,000 workers, while the other firm is in the process of completing regulatory requirements so that it would be able to avail of various incentives offered by the government.
GPCCI official also said they have received inquiries from a company that wants to avail huge volumes of coconut water and meat, wine, meat and meat products, food processing equipment and mango orchard operations. Pharmaceutical companies such as makers of over-the-counter drugs and cellulose fibers have checked out the Philippines, as well as a firm involved in medical equipment.
There are also interest in electronics, particularly cables and cable accessories and engineering services of pipelines for oil and gas.
Other German firms that have expressed interest in investing in the country are in energy, specifically construction of substations, transmission lines, power plants, civil, engineering and design.
According to Baylon, these energy companies are looking at the possibility of helping the Philippines address the high cost of power--a sore point for foreign investors as the country has the most expensive electricity, second only to Japan.
Last year, there were two trade missions to the country conducted by a biomass and biogas company and by a solar energy firm.
Investments from Germany has reached 32.2 million euros in the first quarter of fiscal year 2012-2013 alone, significantly higher than the total investments of 34.9 million euros for the entire fiscal year of 2010-2011. Most of these are in trading, air and sea freight, cargo forwarding, pharmaceuticals, automotive, engineering, manufacturing equipment, textiles and clothing.
Aside from the fiscal and non-fiscal perks offered by the government, Germans are now enticed to invest because of the relatively "stable" labor situation in the Philippines as strikes have become fewer in recent years.
Germany is also the top European trading partner of the Philippines, with total volume rising 17.2 percent to 3.81 billion euros in 2012 from 3.25 billion euros in the previous year.
"We continue to pursue opening the gateways to new markets and technologies and create platforms for information exchange for both German and Philippine investors," Baylon said.
As such, the GPCCI, the German Embassy and the Goethe-Institut Philippinen are holding the 6th Mabuhay Germany on February 22-23 in High Street, Bonifacio Global City in Taguig to help in strengthening the ties between the two countries.
(InterAksyon)
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