Australia is finalizing a P1.69-billion (Au$45 million) economic development facility to be disbursed over five years for the Philippines to boost targeted industries crucial for economic growth.
Australian Ambassador to the Philippines HK Yu said the program is being co-designed with the Philippine government.
“We are engaging with all the relevant departments to pinpoint their most pressing needs. A significant part of this initiative is about supporting the Philippines in achieving impactful economic reforms. We’re equipping them with the necessary skills, expertise, and knowledge, drawing from Australia’s own experience,” Yu said at a breakfast forum for the Australian Business Mission to the Philippines Friday.
Yu said the economic growth development program may possibly be in the form of aid and will be unique to the Philippines.
She said while Australia has a broader policy for Southeast Asia, the Philippines holds a special position in the region.
Macquarie Group chief executive Shemara Wikramanayake said the Philippine mining sector is among the industries that stand to benefit from the economic facility.
“Australia aims to support the Philippines in developing a prosperous, sustainable and environmentally-friendly mining sector, similar to its own. The hope is that this will also attract more Australian resource mining companies to invest in the Philippines,” she said.
She highlighted the long-standing development partnership between Australia and the Philippines.
“The Philippines is the fastest growing among Southeast Asian nations. We already have 250 Australian businesses invested here, employing 440,000 people. We aim to significantly raise that bar,” she said, saying that bilateral relations between the two countries have stood for 50 years.
She said while Australia is a willing investment and trade partner of the Philippines, it is open to helping the Philippines move up its trade and investment ranking to tenth place from 28th.
One of the primary objectives of the Australian business mission is to enlighten Australian investors about the abundant business opportunities available in the Philippines.
“We are prioritizing a disciplined and patient approach, focusing on outcomes that benefit the Philippines and collaborating effectively with all partners. We prefer taking the necessary time rather than rushing into agreements. Our goal is to facilitate quality investments that drive long-term, positive outcomes for the Philippines. We are committed to pacing ourselves strategically,” Wikramanayake said.
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