By Monsi A. Serrano
Having been confident in the investment climate in the Philippines, Australian Ambassador to the Philippines H.K. Yu remains bullish and is taking a step further to galvanize and make stronger economic ties between Australia and the Philippines.
In her desire to further boost trade and investment cooperation between the two countries, Ambassador Yu and the Embassy of Australia in The Philippines organized the Australian Business Mission to the Philippines which was held from September 5 to 6 at the Fairmont Hotel Makati. The business forum was attended by top-level executives and companies from Australia, Australian-New Zealand Chamber of Commerce of the Philippines, the Makati Business Club, and businessmen from the Philippines to explore economic cooperation.
Currently, there are more than 250 major Australian companies operating in the Philippines, employing over 44,000 Filipinos, and hundreds of smaller enterprises create thousands more jobs. The mission aims to promote the Philippines as an investment destination and as a hub for Australian businesses to expand into Southeast Asia.
The Australian business delegation was led by Shemara Wikramanayake, Managing Director and CEO of Macquarie Group, a global financial services group which has been active in the Philippines for 20 years. Other delegates are from Australia’s pension funds (Australian Super and Future Fund), institutional investors (IFM Investors and Investible), infrastructure firm (Plenary Group), resources equity firm (EMR Capital), leading corporates (ANZ and Telstra) and key agribusiness players (Bega Foods, Costa Group, GrainCorp, Sunrice, and Pristine Pacific).
During a recent breakfast forum hosted by the Australian Business Mission to the Philippines, the ambassador listed three ways the Australian embassy is promoting trade and investment between the Land Down Under and the Pearl of the Orient:
- ASEAN-Australia Summit
In March 2024, the Australian government hosted a special ASEAN-Australia Summit in Melbourne, which brought together business and government leaders from across Southeast Asia. The Philippine delegation stood out for its active involvement, leading to the signing of several business agreements between Australian and Filipino companies. This summit provided a platform to discuss new avenues for economic collaboration and enhance trade relations. - Roadshow for Australian Businesses
Last month, the Australia-New Zealand Chamber of Commerce in the Philippines organized a roadshow in Australia in partnership with the Australian and Philippine governments. The event showcased Australian businesses with a presence in the Philippines and highlighted the country’s potential as an investment destination. By demonstrating the opportunities available in the Philippine market, the roadshow encouraged more Australian companies to explore doing business in the country. - High-Profile Australian Business Delegation
A business delegation comprising CEOs and senior executives from top Australian companies recently visited the Philippines. Their objective was to explore potential business ventures and investment opportunities. The Australian government’s efforts in organizing such visits demonstrate its commitment to facilitating deeper economic connections between the two nations.
In addition, Ambassador Yu announced a $45 million economic growth development plan from the Australian government aimed at further boosting trade and investment capacity in the Philippines.
