TRADE Secretary Alfredo E. Pascual encouraged German firms and government to invest in the Philippines, particularly in the IT and Business Process Management and electric vehicles sectors, among others.
He pitched to the German government the Philippines’s key participation in the global business process outsourcing industry, particularly the servicing the IT-BPM requirements of major Fortune 500 companies in the US and around the world. The Trade chief said the German government and the German private sector can tap the Philippines’s “significant” green metal reserves of nickel and copper. Pascual said “doing so would ensure the supply of these critical resources in support of your country’s full-electrification objectives for your automobile industry by 2030.”
“As Secretary of Trade and Industry, we are interested in the support of the €300-billion EU Global Gateway Fund,” Pascual said. The Trade chief added that government spending is also “significantly less” under PPP arrangements. “PPPs free up public sector financing for other key socioeconomic areas, such as human capital development and employment generation—all while infrastructure development funding remains viable.”
In addition, the trade chief cited the Corporate Recovery and Tax Incentives for Enterprises law. The CREATE law, he said, reduces corporate income tax and provides “tier-specific incentives” to investors.