The Department of Trade and Industry (DTI) and the Philippine Economic Zone Authority (PEZA) made their strong pitches before Australian corporate executives to invest more and help develop Filipino industries during the Philippine Business Forum in time for the visit of President Ferdinand R. Marcos Jr.

Organized by DTI on March 4 at the Ritz-Carlton in Melbourne, in partnership with the Australia-Philippine Business Council (APBC), the Philippine Australia Business Council (PABC), and the Australia-New Zealand Business Chamber (ANZCHAM), the forum gathered more than 120 participants from an array of sectors including manufacturing, energy, infrastructure, digital health, IT-BPM, logistics, and housing. The forum provides an opportunity for top Philippine and Australian government officials and business leaders to communicate and network on investment opportunities. 

PEZA Director General Tereso O. Panga formed part of a unified country pitch to the Australian Business Community alongside Trade Secretary and PEZA Board Chairman Alfredo E. Pascual, Finance Secretary Ralph Recto, Energy Secretary Raphael Lotilla, and select private sector leaders such as key executives from the Philippine Nickel Industry Association, Victoria International Container Terminal, and Ayala-led ACEN Corporation.

Marcos was also joined by House Speaker Martin Romualdez and Special Assistant to the President for Investments and Economic Affairs Secretary Frederick Go.

Key government officials also attended the forum, such as the Ambassador of Australia to the Philippines H.E. Hae Kyong Yu, and Philippine Ambassador to Australia H.E. Ma Hellen B. De La Vega, as well as heads of Filipino and Australian business chambers. 

For his part, Panga highlighted Australia's profile in Philippine economic zones and noted the increasing investments from Australia for the past three years. He also presented PEZA's maturing industry ecosystems that feature global industry leaders, and world-renowned one-stop- and non-stop-shop, and ease of doing business initiatives. 

"Our investors can rely on PEZA to lay out its signature 'no red-tape, but only red-carpet' treatment,” said Panga, echoing the statement of Marcos.

Panga focused on the agency's continued efforts to facilitate an ease of doing business (EODB) regime to foster a livelier business ecosystem, with its one-stop and non-stop shops in the ecozones.

To date, 130 Australian-owned companies are operating in PEZA sites. They have invested P14.28 billion, and generated nearly $1 billion in annual exports. 

Around 55,000 Filipinos have also been employed by the Australian irms in the PEZA-controlled ecozones. 

For his part, Pascual urged the Australian business community to explore mutually beneficial economic partnerships with the Philippines. “We see opportunities for Australian businesses to invest in the Philippines’ priority sectors such as critical minerals, renewable energy, education and training, and agriculture,” he pointed out.

Pascual also presented the Philippines’ growing economy, citing the gross domestic product (GDP) growth rate of 5.6 percent in 2023, as an asset to Australia's goals of accomplishing its Southeast Asia Economy Strategy 2024.

He noted that the Philippines sees opportunities for Australian investments and economic engagements in the critical minerals, renewable energy (RE), education and training, and agriculture sectors, with trade reaching $4.1 billion last year. 

With over 300 Australian companies in the country, 40,000 Filipinos have been hired, contributing to the country's active workforce.  

“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,” said Pascual. 

During the forum, Pascual and Panga notably met with Australian firm Plentex, who have expressed interest in setting up an acquaculture farm and food processing facility in Leyte and Samar. 

PEZA is currently pursuing investments for the development of aquamarine or blue ecozones in adherence to the proposed Blue Economy Act, aligned with the food security agenda. 

Investments secured

Prior to the Forum, DTI said they secured $1.53 million in Australian investments from 12 business agreements. 

According to the Presidential Communications Office (PCO), 10 of the agreements were memoranda of understanding (MOUs) and two letters of intent (LOIs). 

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

The MOUs include the development of a Rider Data Center in the Poro Point Freeport Zone, expansion of battery manufacturing in the country, decarbonization and RE programs at the New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites among others. 

Meanwhile, the LOIs were given for a Biomass Fueled Power Plant, and utilization of artificial intelligence (AI) and machine learning to improve digital healthcare. 

“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 Pascual.