President Ferdinand Marcos Jr. has successfully secured deals worth $1.53 billion (P86 billion) in investments during the Philippine Business Forum at the ASEAN-Australia Special Summit in Melbourne.
The agreements are expected to boost investment relationships between the Philippines and Australia, contributing to Philippine economic growth. Secretary Alfredo Pascual highlighted that the 12 deals include 10 memoranda of understanding (MOUs) and two letters of intent (LOIs) between Filipino and Australian business leaders.
The MOUs cover various sectors such as renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, data centers, health technology solutions, and digital health services.
Key projects include a Tier-3 Data Center, battery manufacturing, decarbonization solutions deployment, plastic waste recycling, manufacturing and distribution of affordable Automated External Defibrillator (AED) solutions, waste-to-energy technology transfer, and the establishment of the Southeast Asia Biosecurity Institute (SABI) in the Philippines.
The LOIs focus on a Biomass Fueled Power Plant and the development of digital health services utilizing AI and Machine Learning. President Marcos also extended an invitation to Australian business leaders to invest in the Philippines, emphasizing opportunities for collaboration in climate change and energy transition.
Source: PhilNews24 | March 5, 2024
