FMJ secures $22 M investment pledges fr 2 Indo firms
By Nidz Godino
"Through your committed investments in the country, we see you as our valuable partner in pursuing robust economic growth and expansion," Department of Trade and Industry (DTI) Secretary Alfredo Pascual said in statement two Indonesian firms have pledged to invest total of $22 million in the Philippines following meetings with President Ferdinand Marcos Jr. on sidelines of 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits.
In statement, Presidential Communications Office Secretary Cheloy Garafil said companies met with FMJ for increased partnerships on animal health, artificial intelligence (AI) and digital connectivity.
Meetings were follow-up to FMJ state visit last year that sought to forge strategic linkages and partnerships between Manila and Jakarta in agriculture, animal vaccine manufacturing, digital technology innovation and other key sectors.
Garafil said PT Vaksindo Satwa Nusantara aims to cooperate with its local partner, Univet Nutrition and Animal Healthcare Co. Philippines, on veterinary vaccines and would infuse $2 million in investments this year. Company would also provide Philippines with an avian influenza vaccine soon, she stressed.
FMJ also met with officials of PT WIR Asia Tbk., whose subsidiaries plan to invest $20 million in the next five years.
Company is an Indonesian publicly listed firm develops augmented reality technology integrated with virtual reality and AI. WIR is considered first metaverse company in Indonesia, Garafil said.
Another Indonesian company, Pasifik Satelit Nusantara (PSN), gave FMJ update on memorandum of understanding (MOU) it signed with WIT Philippines Inc. last year, which involved launch of satellite in December. Launch is expected to help boost digital connectivity in the Philippines.
DTI noted PSN had signed MOU with $350-million investment value and allocation of 13.5 Gbps of bandwidth for Philippines from new satellite to be launched this year. Company has also expressed interest to develop bigger market for both government and consumers in the Philippines, agency added.
"We look forward to our strategic collaboration and partnership in creating sustainable and innovative future for the region…as our department continues to work on ensuring high-quality and better-paying jobs for Filipinos, we encourage you to make it happen in the Philippines," trade chief added.
During roundtable meeting with Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC) FMJ called for stronger partnership between Philippines and Indonesia in agriculture, energy, digitalization and supply chain.
"I cannot say now how happy I am to be able to have met with you, some of you again, and to have this opportunity so that we can hopefully explore many areas that we have really not spoken about before but are particularly relevant when it comes to partnerships between our two countries both in private and public sectors, we have adopted policy of very close coordination and cooperation with private sector and that I think is also element that will add to possibilities to excel," Chief Executive said during event, attended by CEOs of various businesses.
Saying agriculture remains "number one priority," FMJ talked about imposition of price caps on rice to ensure food commodity remains accessible to ordinary Filipinos.
Philippines is also focused on energy, including shift to renewables and continues its infrastructure buildup, of course, digitalization is given... key is always to make people more productive, make our economic activities more productive, FMJ said.
FMJ also cited need to ensure supply chains would cross borders, saying it would allow ASEAN to become epicenter of growth.
"There is much that we can do to learn from one another and to be able to maximize value that we put to our products both from Indonesia and also Philippines, with strong partnerships, I see many opportunities for ASEAN partner countries and Philippines to further strengthen our ties in trade and investment," he said.
FMJ assured investors that government is undertaking measures to improve ease of doing business in the Philippines. He cited laws aimed at encouraging foreign investments, including amendments to Public Service Act, Foreign Investment Act, Retail Trade Liberalization Act, Corporate Recovery and Tax Incentives for Enterprises Act and the Ease of Doing Business Act. He also mentioned the executive order on green lanes for strategic investments, aims to simplify procedures and trim bureaucratic layers.
In related development, private sectors from Philippines and eight other state members of ASEAN-BAC signed MOU for agriculture cooperation and small business development.
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