Three Aussie firms to invest AUD50 million in the Philippines

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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

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