MANILA, May 17 (Xinhua) -- The Philippine government on Wednesday rebuked the German ambassador for saying that there would be no German investments in the country's infrastructure without the government paying a German company for building the Ninoy Aquino International Airport Terminal 3 (NAIA 3).

    Finance Secretary Margarito Teves said the government would have to work on the general economic environment of the country to promote foreign direct investments rather than focus on one issue such as NAIA 3, saying it is not the Philippines' business to please a foreign country over one company alone.

    Teves was reacting to reports that quoted German Ambassador Axel Raimund Weishaupt as saying that German companies would not invest in the infrastructure sector if the Philippines would not be able to resolve the NAIA 3 case.

    However, the ambassador said other German companies were still interested in putting their money in other sectors.

    Teves said the government would continue to come up with sound economic policies and take away concerns impeding the flow of direct investments to the Philippines.

    "That is an issue by itself but foreign direct investment is not only coming from Germany," Teves said.

    "So if we are unfortunate that German investment will not take place or will not have a substantial increase then we have to find ways to compensate for that dollar or euro coming from Germany," he said.

    Teves also said investors would still look at the overall economic condition of the Philippines, the political situation andmacro-economic fundamentals like interest rates, inflation and fiscal operations.

    The German firm, Fraport AG first, is part of the Philippine International Air Terminals Company, the consortium that built NAIA 3.

    The Supreme Court nullified the contract of a private consortium, which included Fraport, to construct and operate airport terminal 3, citing unfavorable terms.

    Fraport has sought 425 million U.S. dollars in compensation from the Philippine government for investment losses following the nullification of the contract. Enditem