ANZ Philippines CEO Anna Green said the bank has received inquiries from major corporations seeking “opportunistic” investments in Australia.
“We certainly see Philippine conglomerates looking at Australian assets with more interest,” Ms. Green told reporters in a media roundtable yesterday.
She said the companies are basically interested in Australian assets that work with the companies’ own supply chains, and that the increased interest can be attributed to growing trade between the Philippines and Australia.
Ms. Green and Patrick Vizzone, Head of Food, Beverage, and Agribusiness for ANZ International said that the industries the corporations are looking at are food, beverage, and agriculture (FB&A), energy, and infrastructure.
Ayala Corp. last month entered the Australian renewable industry space through a $30-million investment in a joint venture (JV) with UPC Renewables.
In 2016, Universal Robina Corp. acquired Consolidated Snacks Pty Ltd.
Mr. Vizzone says trade between the Philippines and Australia is growing albeit coming from a low base.
Australia and New Zealand have a free trade agreement with the Association of Southeast Asian Nations.
“It’s still early days… Over time as the Philippines grows, trade between the two countries will continue,” he said.
Imports from Australia are mostly agriculture, forestry, and fisheries products, and minerals and fuels, while exports from the Philippines are mostly manufactured goods. — Patrizia Paola C. Marcelo