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Manila Bulletin devider Business devider Trade & Industry devider DTI secures $1.53-B Australian investment deals

DTI secures $1.53-B Australian investment deals

Published Mar 4, 2024 05:47 am

The Department of Trade and Industry (DTI) shared that it had garnered $1.53 billion in Australian investments to the Philippines from 12 business agreements signed by the stakeholders of the two nations.

DTI Secretary Alfredo E. Pascual made the announcement at the Philippines Business Forum held on Monday, March 4, at the Ritz-Carlton in Melbourne, Australia. The forum was organized by the Australia-Philippine Business Council (APBC), the Philippine Australia Business Council (PABC), and the Australia-New Zealand Business Chamber (ANZCHAM).

According to Pascual, the agreements cover partnerships and programs in renewable energy (RE), waste-to-energy technology, organic recycling technology, countryside housing initiatives, health technology and digital health services, as well as data center-related projects.

“These sectors are indicative of future Philippines-Australia business engagements. They serve as tangible outcomes of investment promotion and will anchor ongoing and future Philippines-Australia business engagements. They will also provide a solid foundation for sustained growth and mutually beneficial partnerships in the years ahead,” said the DTI chief.

The Philippine Business Forum was conducted to entice more Australian businesses to invest in the country.

Pascual noted that the Philippines sees opportunities for Australian investments and economic engagements in the critical minerals, RE, education and training, and agriculture sectors.

Trade between the two countries yielded $4.1 billion in 2023, with around 40,000 Filipino workers employed by more than 300 Australian companies.

Recently, the Philippines signed the Second Protocol of the Association of Southeast Asian Nations (ASEAN)-Australia-New Zealand Free Trade Agreement (AANZFTA) to boost relations.

Pascual emphasized that with the Philippines’ growing economy, citing the gross domestic product (GDP) growth rate of 5.6 percent in 2023, it can be a critical partner in Australia’s Southeast Asia Economy Strategy 2024 that aims for a sustainable economy and future.

“With our shared and unwavering commitment to firmly pursue a more dynamic, open, and sustained partnership, we are poised to reap the benefits of a robust Philippines-Australia relationship,” he said.

Other attendees to the Forum were President Ferdinand R. Marcos Jr., Finance Secretary Ralph Recto, Department of Energy (DOE) Secretary Raphael Lotilla, Philippine Economic Zone Authority (PEZA) Director General Tereso Panga, and key executives from the Philippine Nickel Industry Association, Victoria International Container Terminal, and Ayala-led ACEN Corporation.

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