GPCCI Business Development Manager Brenda I. Baylon said in a briefing that more German companies are looking into investing opportunities in the Philippines, owing to the country's stronger economy and fiscal reforms.

"Representatives from the association would like to come in the first quarter this year to try to gain an insight about business opportunities in the Philippines," Ms. Baylon said.

"We have received interest in the following industries: energy, food, pharmaceuticals, engineering supply, [and] IT-related medical systems," she explained.

Two Germany-based companies are also expected to build manufacturing centers for automotive parts and industrial lubricants sometime this year.

Ms. Baylon said that she could not divulge the names of the German firms but said that the companies have already established their names in their respective industries.

"The one which supplies vehicle parts will come in the first quarter. It is in the process of incorporation in the Philippines," Ms. Baylon explained.

The vehicle parts supplier's hub will be "positioned south of Metro Manila, in one of the investment promotion agency locations."

The industrial lubricant firm, meanwhile, is in the process of completing regulatory requirements to avail incentives from the government.

The Trade department hopes to attract more foreign investors to the country by providing incentives for projects registered with investment promotion agencies such as the Philippine Economic Zone Authority (PEZA) and the Board of Investments.

Incentives available for foreign firms include income tax holidays and duty-free importation of capital equipment.

This month, PEZA said, will see four trade missions -- one from the United States, two from Japan and one from South Korea -- in the country.

Last year, the Philippines hosted a number of trade and investment missions from the US, the United Kingdom, China, Japan, Switzerland, and Germany, among others. Companies that participated in these visits were said to be interested in investing in the Philippines' energy, retail, information technology and business process outsourcing, agriculture, banking, and automotive sectors.

Investments from Germany reached €32.2 million in the first quarter of fiscal year 2012-2013, already close to the €34.9-million investment made for the entire 2010-2011 fiscal year.

Trade volume reached €3.8 billion in 2012, preliminary data from the German Embassy in the Philippines showed.

In the 11 months to November, investment pledges registered with PEZA rose 15.29% to 626 projects from the 543 recorded in the same period a year ago.

These translated to investments worth P210.932 billion, up 72.16% from last year's P122.518 billion.

In 2012, PEZA booked investments worth P311.9 billion.

By Lorenz Christoffer S. Marasigan

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