4 C
Alba Iulia
Sunday, April 11, 2021

Three Aussie firms to invest AUD50 million in the Philippines

Must Read

Victorian Refugee Awards nominations close April 24

The Victorian Multicultural Commission (VMC) is calling for nominations to the Victorian Refugee Awards (VRA). This initiative recognises people,...

Melbourne and Regional Victoria Filipino community leaders call on ConGen Salcedo and Deputy ConGen Mandap

By Fred Jover Several Filipino community leaders based in Metropolitan Melbourne and country Victoria formally called on the new Consul...

Pinoy Grocery ‘Suki Kart’ Now Open in Hornsby Kuring-gai Area

Online Filipino Grocery Suki Kart has officially opened its physical store in Sydney's Upper North Shore. Its opening in the Hornsby...

By Kris Crismundo 

MANILA — Three Australian companies have expressed interest to invest in the Philippines, the Department of Trade and Industry (DTI) said in a statement Wednesday.

DTI said it received three letters of intent (LOIs) from Australian firms to invest some USD40.4 million (AUD52 million) in the country from the recent visit of DTI Secretary Ramon Lopez last week in Australia for ASEAN-related event.

On the sidelines, Lopez and Foreign Affairs Secretary Allan Peter Cayetano met with Australia-Philippines Business Council (APBC) in Sydney.

The three firms that presented their LOIs to DTI include FPC Funds Management Pty. Ltd, Solid Energy Technologies Pty. Ltd., and R. Lapid for a USD10-million biomass facility.

The construction of the pilot plant is now underway, the DTI said.

A USD30-million (AUD39-million) project was presented by JBC Ventures for the construction of a hotel condominium in Mactan Island in Cebu.

The third project is the GPS assembly plant of FLEETLOGIC Group of Companies and Shareholders, with an initial investment of USD400,000 (AUD520,000).

The company eyes the factory to be operational by January next year.

Meanwhile, Lopez said it is an opportune time for Australian firms to invest in the country with the country’s robust economic growth, while the government is embarking on reforms to enhance the business environment. (PNA)

Watch related video: DFA Secretary Cayetano’s meeting with the Filipino community in Sydney


Get more stories like this in your inbox!

Sign up for our newsletter and receive regular updates.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

We value your privacy. Your personal details will not be shared to third parties.

Latest News

Victorian Refugee Awards nominations close April 24

The Victorian Multicultural Commission (VMC) is calling for nominations to the Victorian Refugee Awards (VRA). This initiative recognises people,...

Random Posts

More Articles Like This

- Advertisement -