A AU$45-million (roughly P1.7 billion) “economic development plan” would be made available to the Philippines beginning next year, according to Australian Ambassador to the Philippines Hae Kyong Yu.
She made the announcement at a breakfast forum on Friday, the second and last day of a trade mission from Australia attended by representatives from 14 key investment funds and corporations including global financial services group Macquarie Group.
READ: Top-level Australian trade mission visits PH, explores prospects
“In recent years, we could see that economic growth was one of the most important priorities for the Philippines. So, we had actually made a very conscious decision to use part of our development money to focus on economic growth,” Yu later told reporters during a press conference at the Fairmont Hotel in Makati.
“This program is being [codesigned] with the Philippine government. So, we’re not doing this alone. We are actually engaging with all the relevant departments in the Philippine system to work out what it is that they actually need the most,” she added.
She said the program was aimed at helping the Philippines equip its workforce with the appropriate skills, expertise and knowledge.
Pressed further if the development program would have a loan facility component, Yu said details would be threshed out during the formal launch.
‘Lift that bar’
Macquarie Group managing director and chief executive Shemara Wikramanayake, who has been designated by the Australian government as its “business champion to the Philippines,” said they want more Australian companies to invest in the country.
READ: PH-Australia agreements to push economy, national security – group
“While Southeast Asia is going to grow to be the fourth largest one, the Philippines is the fastest growing out of those Southeast Asian countries. And we already have 250 Australian businesses invested here, employing 440,000 people,” said Wikramanayake.
“We want to lift that bar materially. But also, the Philippines is the fifth largest diaspora in Australia. So, you are really represented in the Australian community. And that also highlights priority and visibility in terms of lifting this engagement,” she added.
According to the Australian embassy, two-way trade between the two countries stood at P378 billion in 2023, while two-way investment was valued at P321 billion.