German / Investors / Eye Cebu’s /Tourism Sector
Friday, August 11, 2006
Five different groups from Germany are looking into investing in tourism-related businesses in Cebu in the next few years.
“Cebu is a potential market,” said Ambassador of the Federal Republic of Germany to the Philippines Axel Weishaupt.
He declined to elaborate on the identity of the investment groups and their plans in Cebu.
Weishaupt said there is growing interest among German companies to invest in the country because of the Filipinos’ proficiency in English, “reliable” workers and an “okay” taxing system.
He said future investments will most probably go into areas where German investments already exists, such as machineries and sophisticated electronics.
More seats
Although most of the German industries are centered in Metro Manila, he expressed hope that “these will be diverted in other areas.”
“Siemens is planning to add 2,000 seats,” he said during a press conference yesterday on the issuance of an ISO (International Organization of Standardization) 14000 series to the German Government-assisted Cebu Common Treatment Facility in Inayawan, Cebu City.
Siemens moved its customer support service from Singapore to the Philippines sometime in 2003. Its customer support is conducted in the Philippines in partnership with Sykes, which also has operations in Cebu.
Weishaupt also said Germany is a market of the country’s furniture exports, as well as fresh and dried fruits and fashion accessories.
But Weishaupt pointed out that China is still top favorite “investment destination” of German companies, followed by India, Thailand, Malaysia, Vietnam, the Philippines and Indonesia.
In terms of tourist destination, Bali, Indonesia is still the Germans’ favorite vacation spot because of its “beaches and culture.”
This is followed by the Philippines, Hong Kong and Palau island, since “its cheaper than the Philippines.”
Weishaupt said the Association of Southeast Asian Nations summit in December will play a major factor in promoting Cebu and the country as a viable destination for tourism and investment.
Policy change
He stressed, though, that for the investments to keep pouring in, several factors need to be addressed.
“There should be a change in (policies on) land ownership so that a foreigner can buy his area for investment,” he said.
He said a certain German investor would have wanted to put up a $15-million investment but was “discouraged” because of the conditions set in the Philippine Constitution prohibiting foreign ownership of land in the country.
Apart from this, Weishaupt said there is also a need to simplify the investment process and cut down processing time of requirements and permits. (MMM)
Five different groups from Germany are looking into investing in tourism-related businesses in Cebu in the next few years.
“Cebu is a potential market,” said Ambassador of the Federal Republic of Germany to the Philippines Axel Weishaupt.
He declined to elaborate on the identity of the investment groups and their plans in Cebu.
Weishaupt said there is growing interest among German companies to invest in the country because of the Filipinos’ proficiency in English, “reliable” workers and an “okay” taxing system.
He said future investments will most probably go into areas where German investments already exists, such as machineries and sophisticated electronics.
More seats
Although most of the German industries are centered in Metro Manila, he expressed hope that “these will be diverted in other areas.”
“Siemens is planning to add 2,000 seats,” he said during a press conference yesterday on the issuance of an ISO (International Organization of Standardization) 14000 series to the German Government-assisted Cebu Common Treatment Facility in Inayawan, Cebu City.
Siemens moved its customer support service from Singapore to the Philippines sometime in 2003. Its customer support is conducted in the Philippines in partnership with Sykes, which also has operations in Cebu.
Weishaupt also said Germany is a market of the country’s furniture exports, as well as fresh and dried fruits and fashion accessories.
But Weishaupt pointed out that China is still top favorite “investment destination” of German companies, followed by India, Thailand, Malaysia, Vietnam, the Philippines and Indonesia.
In terms of tourist destination, Bali, Indonesia is still the Germans’ favorite vacation spot because of its “beaches and culture.”
This is followed by the Philippines, Hong Kong and Palau island, since “its cheaper than the Philippines.”
Weishaupt said the Association of Southeast Asian Nations summit in December will play a major factor in promoting Cebu and the country as a viable destination for tourism and investment.
Policy change
He stressed, though, that for the investments to keep pouring in, several factors need to be addressed.
“There should be a change in (policies on) land ownership so that a foreigner can buy his area for investment,” he said.
He said a certain German investor would have wanted to put up a $15-million investment but was “discouraged” because of the conditions set in the Philippine Constitution prohibiting foreign ownership of land in the country.
Apart from this, Weishaupt said there is also a need to simplify the investment process and cut down processing time of requirements and permits. (MMM)
posted by eager2wander at 5:23 AM
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