P86-B business deals signed during Marcos’ trip to Australia
MEETING ON THE SIDELINES President Marcos sits with Cambodian Prime Minister Hun Manet for a bilateral meeting in Melbourne, Australia, on Monday. The two leaders, who are in Australia for the Association of Southeast Asian Nations-Australia Special Summit, discussed trade in agriculture, specifically rice. —PPA POOL
MELBOURNE—Several business deals involving investments worth $1.53 billion (P86 billion) were presented to President Marcos during the Philippine Business Forum held Monday on the sidelines of his visit for the Association of Southeast Asian Nations (Asean)-Australia Special Summit.
These consisted of 10 memorandums 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.
“I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations,” Mr. Marcos told the business gathering held at the Ritz Carlton Hotel.
READ: $1.53B in deals shown to Bongbong Marcos in return to Australia
He said the Philippines was committed to “purposeful reforms” to boost investments, citing legislative amendments to the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act, and the Renewable Energy Act.
He also cited the overhaul of the country’s fiscal incentive structures, legislative changes that streamlined business registration, as well as the Comprehensive Tax Reform Program (CREATE Act).
Trade Secretary Alfredo Pascual said 14 business agreements were signed, although the Malacañang Presidential Communications Office (PCO) reported 12 such deals.
“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 a data center, manufacturing of health technology solutions, and digital health services,” Pascual noted.
Aside from Pascual, Speaker Martin Romualdez, Finance Secretary Ralph Recto, and presidential special assistant for investments Frederick Go joined the President on stage.
Energy Secretary Raphael Lotilla remained in his seat with the audience, prompting Mr. Marcos to jokingly remark in his speech that Lotilla was “demoted to the low level… I don’t know why that happened.”
Among the business leaders present during the forum were tycoons Enrique Razon Jr. and Jaime Augusto Zobel, Australia-Philippines Business Council president Rafael Toda, Australia-New Zealand Business Chamber head Benjie Romualdez, and Philippines-Australia Business Council chair Dennis Quintero.
From energy to housing
The MOUs covered studies to develop and fund a tier-3 data center at the Poro Point Freeport Zone; expansion of next-generation battery manufacturing and exports in New Clark City; deployment of decarbonization solutions involving renewable energy, storage, and e-mobility to New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites; partnership to develop an electric transportation framework throughout the properties under the BCDA; countryside housing through the Pambansang Pabahay para sa Pilipino program of the Department of Human Settlements and Urban Development; establishment of collection centers and recycling facility for plastic waste using technologies from an Australian university and export of the resulting transparent sustainable material for Australian food and beverage companies; manufacturing and distribution of portable and affordable automated external defibrillator solutions, and a partnership between the Philippines’ National Development Co. (NDC) with an Australian firm for the transfer of the latter’s biowaste-to-green fuel technology.
The NDC aims to establish a globally recognized institute in the Philippines called the Southeast Asia Biosecurity Institute, focused on developing more robust supply chains for biosecurity across Southeast Asia.
INVESTMENTS President Marcos meets with leaders of the Australian business community during the Philippine Business Forumin Melbourne on Monday. The President and his team have secured more than P80 billion worth of investments from several business deals. —PPA POOL
Meanwhile, the LOIs were on a biomass-fueled power plant with a 40-megawatt base load, and on digital health services focused on artificial intelligence and machine learning to improve health care availability for tuberculosis and other respiratory illnesses.
Philippine Economic Zone Authority (Peza) Director General Tereso Panga and Pascual, who sits as board chair at the investment promotion agency, also met with representatives of Australian company Plentex.
Peza officials discussed Plentex’s plan to set up an aquaculture farm and food processing facility in Leyte and Samar provinces.
According to Peza records, 130 Australian-owned companies are currently located in economic zones across the Philippines.
These companies have invested P14.28 billion, employ more than 55,000 Filipinos and generate almost $1 billion in annual exports. —WITH A REPORT FROM ALDEN M. MONZON INQ
