𝗖𝗼𝗻𝗰𝗿𝗲𝘁𝗲 𝗽𝗹𝗮𝗻𝘀 𝗳𝗼𝗿 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗲𝗻𝘁𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗻𝗱 𝗰𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗷𝗼𝗯 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗹𝗼𝗼𝗸 𝗽𝗿𝗼𝗺𝗶𝘀𝗶𝗻𝗴.
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