THE Department of Trade and Industry (DTI) said it witnessed the signing of memoranda of understanding (MoUs) as well as letters of intent signaling Australia companies’ investment plans for the Philippines.
In a statement on Wednesday, the DTI said the signings took place at a business roundtable in Adelaide.
State-owned National Development Co. and Australian green energy company Cyclion Pty. Ltd. signed an MoU on a potential municipal solid waste treatment facility which will convert the feedstock to fuel or electricity, the DTI said.
Meanwhile, a letter of intent was signed between Murdoch University’s Algae Harvest Pty. Ltd. and Cyclion for a research collaboration.
The collaboration aims to study new ways of using algae to turn waste into “high-value” products which will be applied to Cyclion’s projects in the Philippines.
On Monday, the DTI announced that Australia’s Southern Infrastructure Pty. Ltd. expressed interest in entering into a public-private partnership for an initial 40-megawatt thorium-fueled gas-cooled reactor.
The DTI also announced the signing of a letter of intent by Southern Infrastructure to develop a thorium-fueled reactor in the Philippines.
“(It is) to deliver safe, sustainable and green or zero-carbon base load energy to contribute to the country’s renewable energy targets,” the DTI added.
Trade Secretary Alfredo E. Pascual pitched the Philippines’ growing economy and conducive business environment suitable for strategic Australian investments.
“Australia’s focus on Southeast Asia aligns with the Philippines’ robust macroeconomic fundamentals, improved governance, political stability, and commitment to a competitive, transparent, and enabling business environment,” Mr. Pascual said.
“Australia and the Philippines naturally complement each other, and I encourage the private sector to seize on these synergies,” he added.
He also pitched more collaboration across areas of mutual interest such as agriculture, education, critical minerals, and clean energy.
On Tuesday, the 6th Philippines-Australia Ministerial Meeting kicked off in Australia. Donald Edward Farrel, Australia’s Minister for Trade and Tourism, announced a business mission Australia plans to send next year to the Philippines and the establishment of an Australian investment deal team in Manila.
Australian Foreign Minister Penny Wong also said that the Philippines and Australia will pursue further collaboration in maritime cooperation, including technical training, monitoring and protection of waters, and new equipment for the Philippine Coast Guard. — Justine Irish D. Tabile