NEWS

By Roy C. Mabasa | politico.com.ph | September 7, 2024

Australian Ambassador to the Philippines H.K. Yu on Friday highlighted significant investment opportunities in the Philippines’ mining and broader economic sectors, underscoring Australia’s deepening commitment to the country.

Speaking at a press conference in Manila, Yu emphasized that the Philippines’ decision to open its mining sector to 100 percent foreign ownership marks a pivotal moment for Australian investors.

“We have been operating here for 20 years with over 1,200 incredible Filipino employees, investing billions of dollars across various sectors including infrastructure, energy, and digital communications,” Yu said.

Yu pointed to the Philippines’ estimated $1.3 trillion in untapped mining reserves and a $71.9 billion agribusiness market as key opportunities.

She stressed that Australia’s expertise in mining, agriculture, and education positions it as an ideal partner to help unlock these potentials.

The ambassador’s remarks came amid a renewed push by Australia to bolster its economic ties with the Philippines, reinforced by the visit of Australian Prime Minister Anthony Albanese, the first by an Australian leader in two decades.

During his visit, a $2 billion investment financing facility was announced, aimed at fostering regional economic engagement.

Yu also noted that Australia’s designation as a “business champion” for the Philippines—a status assigned to just 10 Southeast Asian countries—reflects the depth of the bilateral relationship.

“We are committed to enhancing opportunities for both Australian and Philippine businesses, fostering mutual growth, and building stronger ties,” she said.

Accompanying Yu was a delegation of 14 Australian business leaders, representing a staggering $1.7 trillion in investment capital and $126 billion in market capitalization, underscoring Australia’s keen interest in deepening commercial ties with the Philippines.

John Hopkins, Managing Director and CEO of Export Finance Australia, echoed Yu’s optimism, highlighting the Philippines’ robust infrastructure and energy sectors as ripe for investment.

“We’ve had productive discussions with senior government officials and corporate leaders.

The potential for supporting Philippine priorities, such as the ‘Build Better More’ program, is immense,” Hopkins said.

Further signaling Australia’s commitment, Yu announced a new $45 million economic development program, co-designed with the Philippine government, aimed at equipping the country with the skills and expertise needed to drive economic reforms.

The initiative, expected to launch early next year, will focus on strategic sectors including infrastructure, mining, and education.

Yu concluded by emphasizing the special place the Philippines holds within Australia’s broader Southeast Asian strategy, reiterating the potential for long-term collaboration.

“This is a partnership built on shared values and mutual respect, and we look forward to a future of shared prosperity,” she said.

Source: POLITIKO.COM.PH