Finance Secretary Purisima at Handelskammer Hamburg, Germany

MANILA, Philippines - Handelskammer Hamburg, Germany, March 7 - Mr. Jürgen Fitschen, Chairman of the German Asia Pacific Business Association (OAV) and Co-CEO of Deutsche Bank AG, responds to Philippine Finance Secretary Cesar V. Purisima after his speech at the OAV Liebesmahl, pushing for greater German investments in the Philippines. Germany, being the 4th largest world economy, is only the Philippines 12th largest trading partner. Germany accounts for 3.3% of total trade in the country from 2008 to 2012, which are mostly in electronics. It is also the country’s 12^th largest tourist market, with 70,949 arrivals in 2013, growing by 5.86% from 2012’s 67,023 arrivals. Overseas Development Aid from Germany is estimated at US$1.2 billion from 1961 to 2011, mostly focused on poverty reduction, conflict resolution in Mindanao, and climate change.