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Martin Henkelmann, German-Philippine Chamber of Commerce and Industry (GPCCI) Executive Director, told the Philippine News Agency (PNA) these German companies see the Philippines’ potential when it comes to trade and investments, and that they’re eager in investing in different sectors, such as business process outsourcing (BPO), infrastructure, and exporting locally-made products. They’re also thinking of importing high-end machinery and German business delegation to look for local partners.
“The Philippines is a very interesting region as well for German companies. There’s great potential for both direction, and we have seen that the Philippine products are actually competitive in the German market,” he said via PNA.
The main reason for this interest, according to Henkelmann, is the BPO industry of the country, with German companies to outsource Filipino employees that will cater to their English-speaking clients. Another reason for the keen interest is the “Build, Build, Build” program, which specifically attracted firms in the engineering and construction sector.
“There’s a lot of sunshine but there’s a cloud for us on our side,” Henkelmann noted via PNA.
“We are a little bit worried about the TRAIN 2 law,” he said. The second package of theTax Reform for Acceleration and Inclusion (TRAIN) focuses on fiscal incentives. “This will reduce the advantages in the PEZA (Philippine Economic Zone Authority) zones. They might see some problems on this side,” he added via PNA.