Australia announced a substantial P12-billion bilateral aid program aiming to elevate the Philippines’ ranking among its top trading partners.
“As our friends, you can see how active Australia has been in this space. In fact, right now, as we speak, we have P12 billion worth of active bilateral aid programs that we are currently working on in the Philippines,” Australian Ambassador to the Philippines HK Yu said during the annual journalists’ briefing on Sept. 13, 2024.
The programs, she said, focus on critical areas such as infrastructure, women’s empowerment and maritime security.
Yu also highlighted Australia’s support, in collaboration with the Monash University, in establishing an independent Forensic Institute in the Philippines, contributing to improved justice delivery.
A recent business mission showcased the Philippines’ potential to Australian investors, generating significant interest in agri-food, mining, green energy and other sectors.
“By the time they left after a two-day program, they were all absolutely wowed by the opportunities that exist in the Philippines,” Yu said, noting the positive response from the Australian business delegation.
Under its Southeast Asia Economic Strategy to 2040, Australia is actively promoting trade and investment with the region.
Australia established a $2-billion financing facility for Southeast Asia, and the Australian ambassador is actively working to secure a substantial portion of this funding for projects in the country.
“And it is my role to get the biggest share of this for the Philippines,” Yu said.
She also reported the creation of a cross-agency “deals team” to identify and facilitate investment opportunities between Australian and Philippine businesses.
“Despite the Philippines’ remarkable economic growth and abundant resources, it currently ranks only 15th among Australia’s trading partners. We believe there’s immense scope for growth, and we’re working tirelessly to elevate the Philippines to its rightful place within our top 10,” Yu said.
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