Aussie infra firms seek partners for PH projects
Companies in Australia are interested in partnering with Philippine firms so they can participate in local infrastructure projects, according to a visiting Australian official.
Australian trade and investment minister Andrew Robb on Thursday told reporters that the Philippines has a “very good chance” of becoming part of the Trans-Pacific Partnership (TPP) once this free trade agreement comes into force.
Before proceeding to Boracay Island for the Asia-Pacific Economic Cooperation (Apec) Ministers Responsible for Trade meeting this weekend, Robb first dropped by Manila with representatives of 11 companies in tow, citing “the significance that the Australian government is attaching to infrastructure, just like … the Philippines.”
This is Robb’s second visit to the country in as many years.
“Infrastructure is a very critical issue,” Robb said, explaining how vital it is in sustaining a country’s growth and prosperity.
“The size of infrastructure task here is substantial, compounded by the devastation of Supertyphoon ‘Yolanda’ in 2013,” Robb said in a statement.
The official also lauded the “very substantial development” in the Aquino government’s public-private partnership (PPP) initiative to upgrade or build new highways, air and sea ports, as well as education and health facilities with the help of private investors.
“The regulatory structure [of PPP in the Philippines] is a very sound one,” he said.
The Philippines has in its PPP pipeline around 50 projects worth more than $23 billion, on top of nine contracts worth about $3 billion already awarded by the government to private sector partners.
Also, Robb said, the Philippines, as well as South Korea, would likely be welcomed into the TPP fold right after the ambitious trade deal spanning 12 countries takes effect.
“All the members of the TPP have discussed possible new entrants—South Korea and the Philippines—which are the most enthusiastic about joining,” he said.
