Philippines bags $1.53B worth of investments in Australia

MANILA, Philippines — President Ferdinand Marcos Jr. has secured deals worth $1.53 billion or P86 billion in investments during the Philippine Business Forum at the ASEAN-Australia Special Summit in Melbourne, according to the Presidential Communications Office.

Speaking at the summit, Trade Secretary Alfredo Pascual said that the 12 deals are set to boost investments between the Philippines and Australia, aiding Philippine 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,” Pascual said.

The 12 deals include 10 memoranda of understanding (MOUs) between Filipino and Australian business leaders and two letters of intent (LOIs) from Australian leaders looking to invest in the Philippines.

Key MOUs involve projects like a Tier-3 Data Center, battery manufacturing, and decarbonization solutions deployment. 

The PCO announced an MOU focusing on plastic waste recycling in the Philippines, utilizing advanced technology from an Australian university to export sustainable materials.

Another MOU covers the manufacturing and distribution of affordable Automated External Defibrillator (AED) solutions. 

The National Development Company (NDC) is partnering with an Australian company to transfer waste-to-energy technology, aiming to convert biowaste into green fuel. It also aims to establish the Southeast Asia Biosecurity Institute (SABI) in the Philippines, the PCO said. 

Two LOIs were sent for a Biomass Fueled Power Plant and the development of digital health services focusing on AI and Machine Learning for better healthcare.

Meanwhile, the PCO reported that President Marcos extended an invitation to Australian business leaders on Monday, urging them to invest in the Philippines and highlighting opportunities for collaboration in climate change and energy transition.

At the Philippine Business Forum in Melbourne, the president said that the Philippines is an ideal destination for partnerships in manufacturing and services.