Sydney – The Philippines was showcased as one of Asia’s brightest spots during the Australia-ASEAN Business Forum (AABF), held on 29-30 August at the International Convention Centre in Sydney. The forum highlighted the country’s potential and growing opportunities in sectors such as agriculture and IT-Business Process Management (IT-BPM), aligning with the strategic priorities of the Philippine Development Plan (PDP) and the Philippine Export Development Plan (PEDP).
The Philippine Trade and Investment Center in Sydney (PTIC-Sydney), representing the Department of Trade and Industry (DTI), underscored the Philippines’ readiness to seize emerging opportunities in key sectors, positioning the country as a promising economy in Asia.
Her Excellency Ma. Hellen De La Vega, Philippine Ambassador to Australia and Chairperson of the ASEAN Committee in Canberra, emphasized the improving investment climate and growth opportunities in the region.
“ASEAN is a prime destination for investment. ASEAN countries have implemented measures including liberalizing policies. For instance, the Philippines has allowed full foreign investment in renewables,” De La Vega noted.
Ambassador De La Vega also highlighted the Philippines as an ideal platform for integrating global supply chains, leveraging its “strategic location, stable macroeconomic fundamentals, fiscal prudence and structural reforms which offer compelling advantages for businesses.”
IT-BPM Sector Strengths
Jack Madrid, President and CEO of the IT-Business Process Management Association of the Philippines (IBPAP), focused on the advantages of the country’s workforce in the IT-BPM sector, amidst concerns over the AI revolution.
“We have the demographic advantage; we are the youngest country in Asia – the average age is 25.3 with over 700,000 university graduates per annum,” said Madrid.
“The only challenge and also the opportunity is to integrate the curriculum that is needed for the emerging work types of the future so that we can strengthen that line from education to employment,” Madrid added.
Madrid expressed optimism about the industry’s future.
“I am optimistic that despite the rapid acceleration of technology, we would be able to face the challenges of the future because the Filipino workforce has proven over the past few decades to be able to learn and unlearn and relearn new skills at a very fast pace across specific domains like banking, financial services, and health,” Madrid said.
Advances in Agricultural Innovation
The forum also highlighted the Philippines’ agricultural sector, with Jennifer Joy Subang, Chief Operations Officer (COO) of SF Group of Companies, discussing the need for innovation to boost competitiveness. Subang stated the importance of “introducing innovation and technology to increase production yield, produce quality food at competitive costs, and be globally competitive.”
Subang highlighted the efforts of SF Group, a Davao-based agribusiness, in revolutionizing the agriculture industry through digitalization, optimization, and modernization, particularly in Mindanao, known as the food basket of the Philippines.
Opportunities in Economic Zones
Investment opportunities in the Philippines’ world-class, environment-friendly economic zones were also discussed. Vivian Santos, Deputy Director-General for Operations of the Philippine Economic Zone Authority (PEZA), emphasized PEZA’s support for foreign investors, highlighting the agency’s “one-stop and non-stop operations providing year-round support to foreign investors 24/7.”
Strengthening Australia-Philippines Business Relations
The forum further explored strategic partnerships between the Philippines and Australian entities. Rafael Toda, President of the Australia-Philippines Business Council (APBC), shared updates on agreements signed during the visit of President Ferdinand Marcos Jr. to Melbourne earlier this year, including those related to mining, renewable energy, and agriculture.
Additionally, Benjamin Romualdez, President of the Australian-New Zealand Chamber of Commerce (ANZCHAM) Philippines, emphasized his organization’s mission “of advancing the sustainable economic prosperity between Australia, New Zealand and the Philippines.” He noted that ANZCHAM recently led a business delegation to Australia, which included representatives from various sectors, to strengthen economic ties and explore new opportunities.
The Australia-ASEAN Business Forum served as a vital platform for promoting the Philippines as a dynamic hub for investment in the Asia-Pacific region, attracting potential investors and fostering stronger economic partnerships with Australia and other ASEAN countries.
