TRADE and Industry Secretary Alfredo E. Pascual said more business agreements have been signed with Australian firms particularly in the areas of energy and research.
During a business roundtable meeting on Monday, the country’s Trade chief welcomed potential investments and partnerships from Australian firms.
The Department of Trade and Industry (DTI) said on Wednesday that Pascual witnessed the signing of two Letters of Intent (LOI) and a Memorandum of Understanding (MOU) on investments and collaboration on research and investments.
The MOU signed is in relation to a potential equity and/or project investment by the National Development Company (NDC) with green energy company Cyclion Pty Ltd, to treat Municipal Solid Waste (MSW) and convert it to useful fuel or electricity.
Under the LOIs signed, one agreement inked dealt with a research collaboration between Algae Harvest Pty Ltd, a 100-percent owned subsidiary of Murdoch University and Cyclion Pty Ltd.
The Trade department said this research collaboration aims to research new ways of using algae to turn waste into high-value products. Moreover, the agency said this research will be applied to Cyclion’s projects in the Philippines.
Another LOI was signed by Southern Infrastructure Pty Ltd to develop a thorium-fueled reactor to deliver a safe, sustainable and green base load energy to contribute to the country’s renewable energy targets, DTI noted.
At the same business roundtable meeting, the Trade chief encouraged Australian firms to seize the stronger economic cooperation between the Philippines and Australia.
Pascual highlighted the Philippines’s growing economy and “conducive” business environment, making it a strategic location for investments with its young population, skilled workforce, and sizeable consumer market.
“Australia’s focus on Southeast Asia aligns with the Philippines’s robust macroeconomic fundamentals, improved governance, political stability, and commitment to a competitive, transparent, and enabling business environment. Australia and the Philippines naturally complement each other, and I encourage the private sector to seize these synergies,” Pascual said.
The Trade chief also expressed the Philippines’s commitment to deepening collaboration across various areas of mutual interest such as agriculture, education, critical minerals, and clean energy.
“Recently, we achieved a significant milestone by elevating our relationship from a comprehensive to a strategic partnership by signing the Joint Declaration. This shift not only broadens our strategic cooperation but also enhances trade and investment between our nations,” Pascual said.
According to the Joint statement, in the area of trade and investment, both nations committed to deepen bilateral trade and investment by “eliminating unnecessary barriers and creating the best possible conditions for business to flourish and take advantage of meaningful market access opportunities.”