๐๐ผ๐ป๐ฐ๐ฟ๐ฒ๐๐ฒ ๐ฝ๐น๐ฎ๐ป๐ ๐ณ๐ผ๐ฟ ๐ฎ๐ฑ๐ฑ๐ถ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐๐๐๐ฟ๐ฎ๐น๐ถ๐ฎ๐ป ๐ถ๐ป๐๐ฒ๐๐๐ผ๐ฟ๐ ๐ฒ๐ป๐๐ฒ๐ฟ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฃ๐ต๐ถ๐น๐ถ๐ฝ๐ฝ๐ถ๐ป๐ฒ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฎ๐ป๐ฑ ๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐บ๐ผ๐ฟ๐ฒ ๐ท๐ผ๐ฏ ๐ผ๐ฝ๐ฝ๐ผ๐ฟ๐๐๐ป๐ถ๐๐ถ๐ฒ๐ ๐น๐ผ๐ผ๐ธ ๐ฝ๐ฟ๐ผ๐บ๐ถ๐๐ถ๐ป๐ด.
CNN Philippines had an insightful conversation with Rafael Toda, President of the Australia Philippines Business Council on 10 May, 2023 in Manila. The discussion focused on the current state of trade relations between Australia and the Philippines.
Mr. Toda believes that there has been a positive shift in perception among Australian investors towards the Philippines. The country is undergoing significant liberalization as President Marcos has been actively promoting the Philippines as open for business during his travels. This progressive environment, coupled with recent economic reforms such as the Foreign Investments Act, Public Services Act, and renewable energy initiatives, has encouraged Australian investors to consider the Philippines as an investment destination.
Concrete plans for additional Australian investors entering the Philippine market and creating more job opportunities. Numerous Australian companies have already established their presence in the Philippines, such as Telstra, Macquarie along with mining companies, and business process outsourcing (BPO) firms. Similarly, Filipino conglomerates like San Miguel, Razon Group, Ramcar have strategically invested in Australia, contributing to the growth of both economies. The Australia Philippines Business Council, in collaboration with the Department of Trade and Investment in Australia, is actively promoting bilateral investments and working towards resolving issues that hinder foreign direct investment in the Philippines.
The exchange between Australia and the Philippines extends beyond trade, as both countries foster collaborations in education, innovation, and technology. Student and professor exchanges, joint research programs, and skill development initiatives are underway. Australia’s expertise in areas like allied health and biosecurity complements the Philippines’ educational system and addresses workforce needs. With a focus on the manufacturing sector, efforts are being made to attract Australian investors, create jobs, and improve the Philippines’ foreign direct investment rankings in Southeast Asia.
The Australia Philippines Business Council has been instrumental in facilitating trade and promoting bilateral relations between the two countries. By leveraging the Philippines’ labor force and exporting skilled professionals, including nurses, aged care workers, mechanics, and panel beaters, the trade imbalance between the Philippines and Australia can be narrowed. Initiatives like promoting Filipino food and utilizing Philippine-Australian produce in culinary exchanges have also been undertaken to stimulate trade and boost economic recovery post-pandemic.
The future looks promising for trade and business relations between Australia and the Philippines, with both countries actively working towards mutual growth and collaboration. The efforts of the Australia Philippines Business Council, along with the support of government agencies and ambassadors, are paving the way for a flourishing partnership between the two nations.
Watch the complete Interview on CNN Philippines https://www.cnnphilippines.com/videos/2023/5/9/PH-Australia-trade-ties-under-Marcos-presidency-.html
