President Ferdinand R. Marcos Jr. addressed the Philippine Business Forum in Melbourne, Australia, securing significant investments and fostering economic ties with Australia. The forum saw the signing of 12 business deals, including MOUs for the development of a Tier-3 Data Center and the expansion of Next-Generation Battery Manufacturing in the Philippines. Additionally, the President emphasized the country's commitment to purposeful reforms, such as the Public Service Act, Foreign Investments Act, and Renewable Energy Act, to facilitate business operations.
The forum highlighted the potential for cooperation between the Philippines and Australia in various sectors, including renewable energy, waste-to-energy technology, organic recycling technology, and digital health services. President Marcos urged Australian business leaders to consider investing in the Philippines, emphasizing opportunities for collaboration in climate change, energy transition, manufacturing, and services.
The presence of esteemed business leaders from both countries, including representatives from the Australia Philippines Business Council, signaled a growing interest in fostering robust business partnerships between the Philippines and Australia. The President expressed gratitude for the active engagement of Australian business leaders, emphasizing the Philippines' dedication to strengthening economic ties and fostering mutually beneficial partnerships. The forum also underscored the significance of bilateral trade between the Philippines and Australia, amounting to USD 4.06 billion in 2023.
The forum's discussions and agreements are relevant to the ITBPM industry, particularly in terms of infrastructure development, digital technology, and renewable energy. The signed MOUs, including the development of a Tier-3 Data Center and decarbonization solutions, indicate potential opportunities for ITBPM companies to contribute to sustainable development and technological innovation in the Philippines.
Overall, the Philippine Business Forum served as a platform to showcase the country's economic potential, encourage two-way trade and investments, and strengthen partnerships between the Philippines and Australia, with implications for the ITBPM industry's involvement in key areas of development and innovation.
