DTI chief woos German firms to invest in PH IT-BPM, EVs
Department of Trade and Industry (DTI) chief Alfredo Pascual is encouraging German companies to explore the possibilities of investing in the Philippines, highlighting the potential offered by the IT and Business Process Management (IT-BPM) and electric vehicles (EVs) sectors.
“I take this opportunity to underscore the Philippine government’s intention to offer our country as a manufacturing investment destination and an IT-BPO partner to German companies, especially those already doing business in the Philippines,” Pascual said at the 2022 Philippine-German Business Forum.
Aside from private German firms, Pascual also stressed that the Philippines’ IT-BPM resources can also assist the German government hit its digitization objectives.
The trade chief pitched the Philippines’ significant contribution to the global Information Technology-Business Process Outsourcing (IT-BPO), particularly in supplying outsourced services to Fortune 500 companies in the world.
In addition to the IT-BPM industry, Pascual also broached “a potential engagement” between the Philippines and Germany on the emerging industry of electric vehicles.
To encourage German firms to invest in the Philippines, Pascual noted tax reforms that make the country an enticing destination for investors. He explained the policy changes made under recent amendments to the Foreign Investments Act, the Public Service Act, and the Retail Trade Liberalization Act.
Pascual also noted the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law which reduces corporate income tax and provides “tier-specific incentives” to investors.
