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Manila Bulletin devider Philippines devider National devider Marcos gets $22-M in investment offers from top Indonesian companies

Marcos gets $22-M in investment offers from top Indonesian companies

Published Sep 6, 2023 03:23 am

At A Glance

  • The President met the leaders of Indonesia's leading companies on animal health, artificial intelligence (AI), and digital connectivity.

JAKARTA, Indonesia — President Ferdinand "Bongbong" Marcos Jr. is bringing home $20 million in investment commitments following his meeting with Indonesian business leaders here on Tuesday, Sept. 5.

President Ferdinand ‘Bongbong’ Marcos Jr. (Malacañang photo)
President Ferdinand ‘Bongbong’ Marcos Jr. (Malacañang photo)

The President met the leaders of Indonesia's leading companies on animal health, artificial intelligence (AI), and digital connectivity during the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC).

In a statement, the Presidential Communications Office (PCO) said that among those who met Marcos were top executives of PT Vaksindo Satwa Nusantara, PT WIR Asia Tbk, and Pasifik Satelit Nusantara (PSN).

PT Vaksindo Satwa Nusantara intends to cooperate with its local partner, Univet Nutrition and Animal Healthcare Company (UNAHCO Inc.) Philippines, on veterinary vaccines. It will pursue an infusion of $2 million in investments this year. They will soon provide the Philippines with an avian influenza vaccine.

In addition, PT WIR Asia Tbk. made a commitment to invest $20 million. WIR is an Indonesian publicly listed company that develops augmented reality (AR) technology integrated with virtual reality (VR) and artificial intelligence (AI). It is considered the first Metaverse company in Indonesia.

President Marcos also met with Pasifik Satelit Nusantara (PSN) who provided an update on the fruition of the memorandum of understanding (MOU) signed last year which involved the launching of a satellite in December 2023 that could help improve digital connectivity in the Philippines.

PSN signed the MOU with WIT Philippines Inc. in September last year during the President’s State Visit to Indonesia.

The allocation of 13.5 Gbps of bandwidth for the Philippines from a new satellite that PSN is scheduled to be launched within the year, allows WIT to fulfill its intentions to develop a bigger market for both government and consumer markets in the Philippines.

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