$1.53B worth of investments sealed between PH, Australia —DTI's Pascual

MELBOURNE, Australia — A total of $1.53 billion investment were sealed between the Philippines and Australia at the sidelines of the ASEAN-Australia Special Summit, Trade Secretary Alfredo Pascual said Monday. 

Pascual made the announcement during the Philippine Business Forum here attended by President Ferdinand "Bongbong" Marcos Jr.

''We are presenting 14 business agreements that have been signed and these agreements are poised to drive our investment relationships and contribute to Philippine economic growth,'' Pascual said.

''The total value of Australian investment in the Philippines that will be presented today is US$1.53 billion,'' he added.

Pascual said the agreements signify the Philippine government's unwavering commitment to excellence and fruitful partnerships ''spanning diverse sectors such as renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, establishment of data centers, manufacturing of health technology solutions, and digital health services.''

Pascual also said the sectors are indicative of future Philippines-Australia business engagements as they serve as tangible outcomes of investment promotion and will anchor ongoing Philippine-Australia business engagements.

''These will also provide a solid foundation for sustained growth and mutually beneficial partnerships in the years ahead,'' he said.

Pascual expressed gratitude to the companies and business leaders who put substantial effort in negotiating and diligently crafting the agreements between Manila and Canberra.

''Your dedication has yielded strategic alliances, charting a new course for our collective future. Let us uphold the spirit of collaboration and seize the opportunities that lie ahead,'' he said.

Agreements

The business deals consist of 10 memoranda of understanding (MOUs) between Filipino and Australian business leaders and two letters of intent (LOIs) from Australian business leaders who intend to invest in the Philippines. 

Among the MOUs are the development, design, construction, commissioning and funding of a Tier-3 Data Center with a capacity of 30MW-40MW in the Poro Point Freeport Zone with a land area of approximately sixteen (16) hectares; and Expansion of Next-Generation Battery Manufacturing in the Philippines.

A MOU was also signed for the deployment of decarbonization solutions comprising orchestration of renewable energy, storage, and e-mobility to New Clark City Stadium and other BCDA sites to reduce energy costs, reliance on grid power, improve sustainability and achieve progress on the decarbonization journey.

Further, a Collaborative Partnership on the Development of an Electric Transportation Framework throughout the properties associated with BCDA in the Philippines MOU was also signed, along with the Pambansang Pabahay para sa Pilipino (4PH)/ Countryside Housing Initiatives (CHI) though the Department of Human Settlements and Urban Development (DHSUD).

Another MOU signed was for the establishment of collection centers and a recycling facility for plastic waste in the Philippines using innovative organic recycling, synthesis of biomass and carbon utilization and material synthesis technologies from an Australian university and exports or distribution of the resulting transparent sustainable material for Australian food and beverage companies.

A MOU was also signed for the manufacturing of portable, affordable, and accessible Automated External Defibrillator (AED) solutions and Distribution of portable, affordable, and accessible Automated External Defibrillator (AED) solutions. 

Meanwhile, the National Development Company (NDC), the Philippine's leading state-owned enterprise investing in diverse industries, will partner with an Australian company through an MOU for the transfer of its waste-to-energy technology to the Philippines that converts biowaste to green fuel.

A letter of intent (LOI) was sent for the Biomass Fueled (Thorium Pellets) Simple-high-Temperature Gas-cooled Power Plant (STGR20 V) with a 40MW base load power to deliver a safe, sustainable, affordable, CO2 neutral, green base-load energy in the Philippines.

Another LOI was also sent for the development of digital health services with a particular focus on Artificial Intelligence and Machine Learning to improve healthcare availability in the Philippines.

'Reliable partner'

Also during the forum, Marcos told Australian business leaders to consider the Philippines as a reliable partner when it comes to their expansion goals.

''I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations,'' Marcos said. ''Let us embark on a journey of strengthened economic ties, mutual growth, and shared success.'' 

The Philippine president said the business forum "speaks volumes about the importance of fostering robust business partnerships and collaborations.'' 

Marcos and his delegation arrived here on Sunday night to participate in the ASEAN-Australia Special Summit.

In his departure speech, Marcos said the Summit commemorates the 50 years of ASEAN-Australia relations upon the invitation of Australian Prime Minister Anthony Albanese.

On the sidelines of the Summit, Marcos said he will hold bilateral meetings with the Prime Ministers of Cambodia and New Zealand to further strengthen cooperation.

He is also set to meet with the Filipino community in Melbourne, and promote Philippine business through the Philippine Business Forum led by the Department of Trade and Industry (DTI). —KBK, GMA Integrated News