The Philippines’ capacity to manufacture animal vaccines as well as improve on artificial intelligence (AI) and digital connectivity got a boost after President Ferdinand R. Marcos Jr. on Tuesday received some USD22 million worth of investment pledges from Indonesian investors.
The Presidential Communications Office (PCO) on Wednesday said the pledges were made during the President’s meeting with some Philippine trade officials and Indonesian investors at the sidelines of the ongoing 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Jakarta, Indonesia.
PT Vaksindo Satwa Nusantara eyes to work with its Philippine partner, Univet Nutrition and Animal Healthcare Company (UNAHCO Inc.) Philippines, on veterinary vaccines such as avian influenza vaccine through a USD2 million investment this 2023.
Publicly-listed firm PT WIR Asia Tbk. also plans to invest some USD20 million in the domestic economy until 2028, through its subsidiary PT Mata Nilai Republik, the country’s first Metaverse company, for the development of augmented reality (AR) technology with the use of virtual reality (VR) and AI.
Pasifik Salelit Nusantara (PSN), meanwhile, updated Marcos about the memorandum of understanding (MOU) it signed with WIT Philippines Inc. in September 2022 for the launch of a satellite in December this year, a move supporting the government’s bid to further improve internet connectivity nationwide.
The tie-up calls for the allocation of 13.5 Gbps of bandwidth for the Philippines using the soon-to-be-launched satellite.
Marcos, during the meeting with the investors and the regional block’s Business Advisory Council (BAC), stressed the need for stronger cooperation between Indonesia and the Philippines to enhance business opportunities in several areas.
He said increased cooperation is needed in several sectors such as agriculture, energy, digitalization, and supply chain.
“I cannot say now how happy I am to be able to have met with you, some of you again, and to have this opportunity so that we can hopefully explore many areas that we have really not spoken about before but are particularly relevant when it comes to partnerships between our two countries both in the private and the public sectors,” he said.
“We have adopted a policy of very close coordination and cooperation with the private sector and that I think is also the element that will add to the possibilities to excel,” he said.
Marcos highlighted his administration’s goal of developing priority areas that include agriculture and energy.
“And we are of course continuing our infrastructure buildup which is the most important and absolutely critical in any – if we are to develop and industrialize larger parts of the economy,” he said, citing also the need to boost digitalization efforts to make people more productive.
Private sector representatives from the Philippines and the other ASEAN member countries on Tuesday signed an MOU for agriculture cooperation and small business development in line with the regional bloc’s economic integration bid.
The MOUs, signed for each country by their respective ASEAN-BAC representative, are eyed for joint “studies and mentorship channels with Filipinos for potential agriculture, agriculture technology, food security, agri-preneurship business models and value chain development among small, medium, and large farmers, enterprises, and government entities.” (PNA)
