With the Philippines’ favorable market conditions, the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI) is positive that more firms based in Germany are interested in investing and expanding in the country.
According to Nadine Fund, General Manager at GPCCI, their organization has been receiving quite a number of inquiries from interested parties in Germany. She added that one of the key factors that make the Philippines an ideal investment hub for German businesses is its huge and highly educated workforce.
Fund also cited information from World Bank’s 2014 Doing Business report where it was indicated that the Philippines possesses one of the most improved business environments based on regulatory reform measures and governance (securing construction permits, obtaining credit and paying taxes) under the Aquino administration. In fact, among the 189 economies covered globally, the Philippines climbed 25 spots from being 133rd last year to 108th.
However, Fund reiterated that with the negative image caused by corruption in the Philippine government, the country still has a lot to improve on to sustain the interest of investors to the country.
Other challenges that the country has to overcome are the limit of ownership of private businesses as well as legal security.