President Ferdinand Romualdez Marcos Jr., receives arrival honors from the German Chancellor Olaf Scholz  at The Chancellery, Berlin, for the official start of the President's Working Visit to Germany on Tuesday, March 12, 2024. Yummie Dingding, PPA Pool 

BERLIN—The Philippine government has secured investment deals amounting to at least $4 billion or P220 billion from eight business agreements that were signed during President Ferdinand Marcos Jr’s three-day working visit to Germany.

These are three letters of intent (LOI) from different German companies while two are memoranda of agreement (MOA) and three are memoranda of understanding (MOU). 

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According to the Presidential Communications Office (PCO) these are the following:

• • LOI is intended to develop a partner hospital to become a training center to support the training needs of other lower tier hospitals
• • LOI 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
• • LOI for the strategic and digital partnership in healthcare with the Department of Health (DOH) with the goal of revolutionizing healthcare in the Philippines
• • MOA between the Philippine government and a German company through a Public Private Partnership to rehabilitate, reclaim, and recultivate degraded farm lands in the Philippines.
• • MOA 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.
• • MOU to invest in a fully integrated solar cell manufacturing facility
• • MOU to invesr in a manufacturing facility that will modify automobiles into high-end 1 of 1 version and armour protected cars, as well as manufacture military grade armoured personnel carriers for the Asian market.
• • MOU to put up data centres 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.

In his speech during the Philippine-German Business Forum, Marcos stressed the significance of his working visit, having been the first Philippine President to do so in the last 10 years.

He added that the government is looking forward to “further fostering strong business partnerships and collaboration” with Germany, noting that it is one of the biggest economies in the European Union and a “global force in technology and innovation.”

“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN region by leading among the countries in terms of investments,” Marcos said.

Marcos also assured German companies that his administration can support market expansion and operations of businesses.

Further, he noted that the Philippines has become now a more “attractive option for investions” following the legal reforms that relaxed some restrictions on foreign ownership of certain sectors.

"The establishment of the Maharlika Investment Fund, the Philippines’ sovereign wealth fund, underscores our dedication to financing priority projects and driving socioeconomic impact,” he said.

“We prioritize the ease of doing business exemplified by efforts to simplify tax payments and to streamline regulations, showcasing our unwavering support for businesses,” he added.