$1.53 B business deals inked in Australia trip

MELBOURNE – Fourteen business deals were signed here yesterday during the Philippine Business Forum, where President Marcos promoted the Philippines as a “reliable partner” of investors who wish to expand their operations.

- ALEXIS ROMERO

Trade Secretary Alfredo Pascual said the agreements would generate Australian investments worth $1.53 billion or about P86 billion.

“We are presenting 14 business agreements that have been signed, and these agreements are poised to drive our investment relationships and contribute to Philippine economic growth,” the trade chief said.

“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, establishment of data centers, manufacturing of health technology solutions and digital health services,” he added.

Pascual said the sectors are indicative of future Philippines-Australia business engagements and serve as “tangible outcomes of investment promotion.”

Among the memoranda of understanding signed were the development, design, construction, commissioning and funding of a tier-3 data center with a capacity of 30 to 40 megawatts in the Poro Point Freeport Zone with a land area of about 16 hectares, and expansion of next-generation battery manufacturing in the Philippines.

Also inked were MOUs for the deployment of decarbonization solutions comprising orchestration of renewable energy, storage and e-mobility to New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites to lessen energy costs and reliance on grid power, improve sustainability and achieve progress on decarbonization.