Melbourne, Australia
March 4, 2024
“I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations. Let us embark on a journey of strengthened economic ties, mutual growth, and shared successes,” conveyed President Ferdinand R. Marcos Jr. to the Australian business community when he met them for the Philippine Business Forum held in Melbourne.
In his message, the President underscored the Philippines’ firm commitment to purposeful reforms in making the country a more attractive investment destination. “We prioritize the ease of doing business, exemplified by efforts to simplify tax payments, streamline regulations and showcase our unwavering support for businesses,” he said, citing his issuance of Executive Order No. 18 which establishes green lanes for strategic investments, simplifying procedures and reducing bureaucratic process.
“We continue to accelerate and deepen policy reforms to improve the environment where businesses such as yours will continue to thrive,” the Chief Executive expressed, as he shared with Australian investors the recent enactment of three (3) priority bills in the country which would pave the way for transformative partnerships and foster infrastructure development (Public-Private Partnership Code of the Philippines); provide the framework for a robust digital economy, aligning the country’s policy with the demands of the 21st century (Internet Transaction Act); and support industry development and enable greater participation of the Philippines in global value chains (Tatak Pinoy Act).
Noting the country’s vulnerability to the climate crisis, he likewise emphasized that the Philippines accords great importance to addressing climate change and achieving energy transition. The Administration has put in place several energy transition policies and investment enablers, such as incentivizing energy efficiency and conservation, which will support and facilitate efforts to decarbonize the economy.
“This move strengthens our dedication to environmental stewardship and encourages the private sector to actively engage in sustainable practices. I recognize that Australia also places equal importance in this area, as it is a priority under the elevation of our Strategic Partnership. In this regard, I welcome the opportunity for greater cooperation on climate change and energy transition,” President Marcos Jr. stated.
“In conclusion, let me reiterate our gratitude for your presence and active engagement in this forum… Together with you as our Strategic Partner, we can make investments happen in the Philippines. I am confident that the relationships forged here today will contribute significantly to the economic vibrancy of both our nations,” he ended in his message.
During the Forum, Department of Trade and Industry (DTI) Secretary Alfredo Pascual presented 14 business agreements that have been signed and are poised to drive investment relationships between the Philippines and Australia, and contribute to the country’s economic growth.
The total value of these Australian investments to the Philippines amount to US$1.53 billion, covering 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.
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