According to Malacañang on Wednesday, the Philippines has secured $22 million in investment commitments from Indonesian companies during the 43rd Association of Southeast Asian Nations (ASEAN) Summit.
The investments aim to improve partnerships in areas such as animal health, artificial intelligence (AI), and digital connectivity.
One of the companies, PT Vaksindo Satwa Nusantara, plans to cooperate with a Philippine-based partner to invest $2 million in veterinary vaccines.
Another company, PT WIR Asia Tbk, has committed $20 million to the Philippines and is considered the first Metaverse company in Indonesia.
In addition, the President met with Pasifik Satelit Nusantara (PSN) and provided the government with an update on the agreement signed with WIT Philippines Inc. in September of the previous year. This agreement pertained to a satellite launch scheduled for December, which aimed to enhance the country’s digital connectivity by allocating a bandwidth of 13.5 Gbps.
If successful, it would help develop a larger market for both the government and consumers in the Philippines.
Source: PhilNews24 | September 6, 2023
