$1.53B in deals shown to Bongbong Marcos in return to Australia | Inquirer Business

$1.53B in deals shown to Bongbong Marcos in return to Australia

/ 04:40 PM March 04, 2024

$1.53B in deals shown to Bongbong Marcos in return to Australia

President Ferdinand Marcos, Jr. seals 12 deals worth PhP86 billion with partners in Australia, March 4, 2024. | PHOTO: Official facebook page of Bongbong Marcos

Melbourne—Twelve business deals worth an estimated $1.53 billion (P86 billion) were presented to Philippines President Ferdinand “Bongbong” Marcos Jr. at a business forum here on Monday (March 4).

The 12 business deals, presented to Marcos at the forum on the sidelines of the Association of Southeast Asian Nations—Australia Special Summit, consist of 10 memoranda of understanding (MOUs) between Filipino and Australian business leaders and two letters of intent (LOIs) from Australian business leaders who intend to invest in the Philippines.


“These agreements signify our unwavering commitment to excellence and fruitful partnerships spanning diverse sectors,” said Trade Secretary Alfredo Pascual at the forum at the Ritz Carlton Hotel here.


These investment sectors, Pascual said, included renewable energy, waste-to-energy, organic recycling, countryside housing, the establishment of a data center, manufacturing of health technology solutions, and digital health services.

The MOUs involve the development, design, construction, commissioning and funding of a Tier-3 data center with a capacity of 30MW-40MW at the Poro Point Freeport Zone.

The other deals would expand next-generation battery manufacturing in the Philippines and:

—Deploy decarbonization solutions for renewable energy, storage and related technology to the New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites

—Partnership in developing an electric transport framework in BCDA lands

—Housing for the poor in the countryside through Pambansang Pabahay para sa Pilipino (4PH)


—Setting up collection centers and building recycling facilities for plastics using innovative technology developed by an Australian university

—Manufacture of portable and affordable defibrillator machines

—Partnership between the Philippines’ National Development Co. and an Australian firm for the transfer of Australian technology converting wastes into energy

The NDC aims to set up a globally recognized institute in the Philippines, to be known as Southeast Asia Biosecurity Institute, to develop biosecurity supply chains across Southeast Asia.

The LOIs cover biomass fuels for safe CO2-free energy in the Philippines and the development of AI health services to improve health care in the Philippines.

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Marcos returned to Australia for the summit after a two-day official visit. — CONTRIBUTED

TAGS: Alfredo Pascual, Australia, Bongbong Marcos, DTI

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