MANILA, Philippines – Malacañang said the government secured $1.53 billion in investment agreements during President Ferdinand Marcos Jr.’s trip to Australia.

The agreements, which amount to P85.7 billion when converted, are in the areas of renewable energy, recycling, and health, among others.

A press release from the Presidential Communications Office (PCO) on Monday, March 4, said the deals include 10 memoranda of understanding (MOUs) between Filipino and Australian business leaders, namely:

• development, design, construction, commissioning, and funding of a tier-3 data center with a capacity of up to 40 megawatts in the Poro Point Freeport Zone with a land area of approximately 16 hectares
• expansion of next-generation battery manufacturing in the Philippines
• deployment of decarbonization solutions comprising orchestration of renewable energy, storage, and e-mobility to New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites
• collaborative partnership on the development of an electric transportation framework throughout the properties associated with BCDA
• agreement on the Pambansang Pabahay para sa Pilipino (4PH) program/Countryside Housing Initiatives
• establishment of collection centers and a recycling facility for plastic waste in the Philippines using innovative organic recycling, synthesis of biomass, and carbon utilization and material synthesis technologies from an Australian university
• exports/distribution of the resulting transparent sustainable material for Australian food and beverage companies
• manufacturing of portable, affordable, and accessible automated external defibrillator (AED) solutions
• distribution of portable, affordable, and accessible AED solutions
• partnership between the National Development Company and an Australian company for the transfer of its waste-to-energy technology to the Philippines that converts biowaste into green fuel

The PCO added that some Australian businesspeople also sent letters of intent for the following projects:

• biomass-fueled (thorium pellets) simple-high-temperature gas-cooled power plant (STGR20 V) with a 40-megawatt base load power
• development of digital health services with a particular focus on artificial intelligence and machine learning to improve healthcare availability in the Philippines, focusing on tuberculosis and other respiratory illnesses

“These agreements signify our unwavering commitment to excellence and fruitful partnerships spanning diverse sectors,” Trade Secretary Alfredo Pascual said, as quoted by the PCO.

In December 2023, the government said Marcos’ trips abroad have brought home $72.18 billion in foreign investments, but only a small fraction could be considered realized investments.

Marcos flew to Melbourne on Sunday, March 3, to attend a special summit between Australia and the Association of Southeast Asian Nations (ASEAN).

Play Video

Australia – as its foreign affairs department pointed out – considers ASEAN a key trading partner. Its two-way trade with countries in the Southeast Asian bloc reached $178 billion in 2022, higher than two-way trade with the United States, Japan, and the European Union.

It is Marcos’ second trip to the Land Down Under in the past seven days, as he was just in Canberra from February 28 to 29, addressing the Australian Parliament.

He is scheduled to fly home on Wednesday, March 6. – Rappler.com

$1 = P56.015