March 4, 2024 People's Journal 98 views

PRESIDENT Ferdinand R. Marcos Jr. has secured US$1.53 billion or P86 billion investment from 12 business deals signed during the Philippine Business Forum on the sidelines of his participation to the ASEAN-Australia Special Summit in Melbourne on Monday.

In his speech, Department of Trade and Investment (DTI) Secretary Alfredo Pascual said the business deals are poised to drive the investment relationships between the Philippines and Australia, and contribute to Philippine economic growth.

“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 data center, manufacturing of health technology solutions, and digital health services,” Secretary Pascual said.

Secretary Pascual added the sectors are indicative of future Philippines-Australia business engagements, which serve as the tangible outcomes of investment promotion and will anchor ongoing and future Philippines-Australia business engagements.

He added the business partnerships will also provide a solid foundation for sustained growth and mutually beneficial partnerships in the years ahead.

The 12 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 sixteen (16) hectares; and Expansion of Next-Generation Battery Manufacturing in the Philippines.

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 decarbonization journey.

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 is 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/distribution of the resulting transparent sustainable material for Australian food and beverage companies.

MOU was also signed for the manufacturing of portable, affordable, and accessible Automated External Defibrillator (AED) solutions and Distribution of portable, affordable, and accessible Automated External Defibrillator (AED) solutions

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.

The NDC aims to establish a globally recognized institute in the Philippines that would be called Southeast Asia Biosecurity Institute (SABI), focused on developing more biosecurity robust supply chains across Southeast Asia that will deliver significant economic, environmental and social benefits for the region.

A letter of intent (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.

An 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 with a particular focus on tuberculosis and other respiratory illness, which is an expansion of the company’s current operations in the Philippines providing telemedicine services to millions of Filipinos.