Phl-Australia business deals seen to fuel economic growth

The business deals signed recently between the Philippines and Australia will help ensure economic growth and security in the Philippines, an international think tank said.

In a statement, Stratbase Institute president Dindo Manhit said the Philippines and Australia were able to strengthen their economic partnership through the signing of 12 business deals worth $1.53 billion or P86 billion at the sidelines of the ASEANAustralia Special Summit in Melbourne.

“We believe that safeguarding the national security of the Philippines is linked to the attainment of economic growth and economic security. At the sidelines of the ASEANAustralia Special Summit in Melbourne, the Philippines and Australia took one step closer to realizing this goal,” he said.

These deals encompass investments in renewable energy, waste-to-energy technology, organic technology, countryside housing initiatives, establishment of data centers, manufacturing of health technology solutions, and digital health services.

“These agreements concretize the unwavering commitment of the two countries in reinforcing their strategic partnership. It is a testament to the fact that the Philippines and Australia find a long-standing partner in each other,” Manhit said.

Manhit also noted the importance of cooperation between Philippines and Australia in ensuring peace and stability in the Indo-Pacific region.

“At the core of this strengthened relationship between the two countries is a shared belief in the rules-based international order, one that is furthered by multilateralism intended to sustain peace and stability in the region. The agreements signed during this two-day visit demonstrates those shared values,” Manhit said.

“Indeed, this longstanding partnership between the Philippines and Australia signals a significant step forward in bilateral relations towards forging a stronger, more prosperous, and peaceful IndoPacific,” he added.

In a joint declaration between Australia and ASEAN members, the countries encouraged all countries “to avoid any unilateral actions that endanger peace, security, and stability in the region.”