NATIONAL
Advocates Philippines
US$1.53 Billion Investment Secured In Melbourne
Photo credit: PCO
President Ferdinand Marcos Jr. secured a significant US$1.53 billion (PhP86 billion) investment from 12 strategic business deals signed during the Philippine Business Forum, coinciding with his participation in the ASEAN-Australia Special Summit in Melbourne on Monday.
Department of Trade and Investment (DTI) Secretary Alfredo Pascual, in his address, emphasized the transformative impact of these deals on the economic relationship between the Philippines and Australia. The agreements span diverse sectors, including renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, data center establishment, manufacturing of health technology solutions, and digital health services.
Pascual expressed confidence that these deals signify a steadfast commitment to excellence and fruitful partnerships. He highlighted that the sectors involved are indicative of the future Philippines-Australia business landscape, solidifying tangible outcomes of investment promotion and paving the way for ongoing and future engagements.
The 12 deals comprise 10 memoranda of understanding (MOUs) and two letters of intent (LOIs). Key MOUs include the development and funding of a Tier-3 Data Center in the Poro Point Freeport Zone, expansion of Next-Generation Battery Manufacturing in the Philippines, and the deployment of decarbonization solutions to reduce energy costs.
Collaborative partnerships were also formed for the development of an Electric Transportation Framework, Countryside Housing Initiatives, and the establishment of collection centers and recycling facilities for plastic waste using innovative organic recycling technologies.
The National Development Company (NDC) and an Australian company will collaborate on the transfer of waste-to-energy technology to the Philippines. Additionally, the NDC aims to establish the Southeast Asia Biosecurity Institute (SABI), focused on enhancing biosecurity robustness across Southeast Asia.
Furthermore, letters of intent were sent for the Biomass Fueled Simple-high-Temperature Gas-cooled Power Plant and the development of digital health services, focusing on Artificial Intelligence and Machine Learning to improve healthcare availability, particularly in combating tuberculosis and respiratory illnesses.
These groundbreaking deals not only symbolize a boost to economic ties but also lay the foundation for sustained growth and mutually beneficial partnerships between the Philippines and Australia in the years ahead.
Department of Trade and Investment (DTI) Secretary Alfredo Pascual, in his address, emphasized the transformative impact of these deals on the economic relationship between the Philippines and Australia. The agreements span diverse sectors, including renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, data center establishment, manufacturing of health technology solutions, and digital health services.
Pascual expressed confidence that these deals signify a steadfast commitment to excellence and fruitful partnerships. He highlighted that the sectors involved are indicative of the future Philippines-Australia business landscape, solidifying tangible outcomes of investment promotion and paving the way for ongoing and future engagements.
The 12 deals comprise 10 memoranda of understanding (MOUs) and two letters of intent (LOIs). Key MOUs include the development and funding of a Tier-3 Data Center in the Poro Point Freeport Zone, expansion of Next-Generation Battery Manufacturing in the Philippines, and the deployment of decarbonization solutions to reduce energy costs.
Collaborative partnerships were also formed for the development of an Electric Transportation Framework, Countryside Housing Initiatives, and the establishment of collection centers and recycling facilities for plastic waste using innovative organic recycling technologies.
The National Development Company (NDC) and an Australian company will collaborate on the transfer of waste-to-energy technology to the Philippines. Additionally, the NDC aims to establish the Southeast Asia Biosecurity Institute (SABI), focused on enhancing biosecurity robustness across Southeast Asia.
Furthermore, letters of intent were sent for the Biomass Fueled Simple-high-Temperature Gas-cooled Power Plant and the development of digital health services, focusing on Artificial Intelligence and Machine Learning to improve healthcare availability, particularly in combating tuberculosis and respiratory illnesses.
These groundbreaking deals not only symbolize a boost to economic ties but also lay the foundation for sustained growth and mutually beneficial partnerships between the Philippines and Australia in the years ahead.
Mar 4, 2024
