A total of $1.53 billion investments were sealed between the Philippines and Australia at the sidelines of the ASEAN-Australia Special Summit, Trade Secretary Alfredo Pascual said yesterday.
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.
He added: “The total value of Australian investment in the Philippines that will be presented today is US$1.53 billion.”
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.
The Trade chief expressed gratitude to the companies and business leaders who put substantial effort in negotiating and diligently crafting the agreements between Manila and Canberra.
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 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.
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.
An 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. (GMA Integrated News)
