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.
‘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).
