By Brian Jules Campued
At least 12 business deals amounting to P86 billion or US$1.53 billion have been secured by President Ferdinand R. Marcos Jr. during the Philippine Business Forum on the sidelines of his participation in the ASEAN-Australia Special Summit in Melbourne on Monday.
Department of Trade and Industry Secretary Alfredo Pascual remarked that the business engagements are expected to boost investment relations between the Philippines and Australia, ultimately contributing to the country’s economic growth.
“These agreements signify our unwavering commitment to excellence and fruitful partnerships spanning diverse sectors such as renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, the establishment of data center, manufacturing of health technology solutions, and digital health services,” Secretary Pascual said, as quoted by Malacañang.
The 12 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 and LOIs are the following:
- Development, design, construction, commissioning, and funding of a Tier-3 Data Center with a capacity of 30 megawatts (MW) to 40 MW and a land area of about 16 hectares in the Poro Point Freeport Zone
- Expansion of Next-Generation Battery Manufacturing in the Philippines
- Deployment of decarbonization solutions comprising orchestration of renewable energy, storage, and e-mobility to New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites
- Collaborative partnership on the development of an electric transportation framework throughout the properties associated with BCDA in the Philippines
- Construction of housing units for the Pambansang Pabahay para sa Pilipino and/or the Countryside Housing Initiatives through the Department of Human Settlements and Urban Development
- Establishment of collection centers and a recycling facility for plastic waste in the Philippines
- Manufacturing of portable, affordable, and accessible Automated External Defibrillator (AED) solutions
- Distribution of portable, affordable, and accessible AED solutions
- Collaboration between the National Development Company and an Australian company for the transfer of its waste-to-energy technology to the Philippines that converts biowaste to green fuel
- Establishment of Southeast Asia Biosecurity Institute, focused on developing a robust biosecurity supply chains across the region
- Development of a Biomass Fueled (Thorium Pellets) Simple-high-Temperature Gas-cooled Power Plant (STGR20 V) with a 40MW base load power to deliver safe, sustainable, affordable, carbon-neutral, green base-load energy in the Philippines
- Development of digital health services with a particular focus on artificial intelligence and machine learning
In his speech during the forum, President Marcos urged Australian business leaders to consider investing in the Philippines as it is an ideal destination for complementation in both manufacturing and services.
“I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations. Let us embark on a journey of strengthened economic ties, mutual growth, and shared success,” Marcos added.
He noted the presence of the Filipino business leaders as a clear manifestation that the Philippines is enhancing its regional economic integration agenda on several aspects.
On the other hand, the presence of Australian business leaders “speaks volumes about the importance of fostering robust business partnerships and collaborations” between the Philippines and Australia.
“As part of our development strategy, we are keen to explore new avenues of cooperation and foster mutually beneficial partnerships that are commercially meaningful,” Marcos told Australian business leaders.
He also highlighted the country’s commitment to purposeful reforms evident in key legislative amendments such as the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act, and the Renewable Energy Act.
Other legislative amendments include the streamlined business registration, infrastructure development, and the Comprehensive Tax Reform Program (CREATE Act), and the overhaul of fiscal incentive structures and responsive policies as well as facilitating public-private partnerships.
Marcos also cited the establishment of the Maharlika Investment Fund to finance priority projects and drive socioeconomic impact as well as green lanes for strategic investments which simplify procedures and reduce bureaucratic hurdles.
“We prioritize the ease of doing business, exemplified by efforts to simplify tax payments, streamline regulations, and showcase our unwavering support for businesses,” he added.
Meanwhile, the enactment of Public-Private Partnership (PPP) Code of the Philippines, Internet Transactions Act, and the Tatak Pinoy Act will help businesses thrive in the country.
On renewable energy, Marcos said the Philippines prioritizes addressing climate change and achieving energy transition.
“I welcome the opportunity for greater cooperation on climate change and energy transition. I’m glad to see that we have made a good start here today with the agreements that we have come to, between our private sector partners,” he told business leaders.
“Aligned with our efforts on decarbonization, we are positioning ourselves as a regional hub for smart and sustainable manufacturing.” – avds
