• Australia firms line up $40-M investments in Phl

Australian firms are looking to take advantage of the Philippines’ growing economy through investments worth at least $40 million in various projects which include an assembly plant, biomass power plant and hotel and residential development.

Trade Secretary Ramon Lopez and Foreign Affairs Secretary Allan Peter Cayetano witnessed the signing of letters of intent to invest in the Philippines during the business reception organized by the Australia Philippines Business Council (APBC) and the Philippine Trade and Investment Center (PTIC) held in Sydney last week.

The investments include the development of a $10 million biomass power plant and a $30 million hotel and residential complex in Cebu.

It also includes building an assembly plant for GPS (global positioning system) tracking devices.

Lopez said the country has strong economic growth, manufacturing sector, as well as consumer confidence.

He said new regulations are also helping ensure the competitiveness of businesses and industries. These include the Tax Reform for Acceleration and Inclusion (TRAIN) Law which took effect earlier this year.

TRAIN reduces personal income tax rates and imposes higher taxes on certain products like petroleum and automobiles, to offset foregone revenues.

With its implementation, it is expected to build a wider consumer base with higher buying capacity leading to greater opportunities for businesses.

Lopez said the Philippines is open for business and investments to create more job opportunities for Filipinos.

APBC serves as the go-to private sector organization for advancing business interests between the Philippines and Australia, while the PTIC is the representative office of the DTI.