Australian Ambassador to the Philippines HK Yu announced Friday that the Australian government is finalizing an AUD45 million (PHP1.7 billion) Economic Growth Development Program for the Philippines.

During a forum for the Australian Business Mission to the Philippines in Makati City, Yu said the aid aims to boost trade and investment relations between the two countries.

In a press conference, she added that the AUD45 million program will be spread over five years and is expected to be launched early next year.

“We could see that economic growth was one of the most important priorities for the Philippines. So, we had actually made a very conscious decision to use part of our development money to focus on economic growth. And that is the program that I was mentioning, a AUD45 million program over five years that we are finalizing at the moment,” the envoy said.

She said the Australian Embassy is working with the Philippine government in drafting the plan.

“A big chunk of this is really about helping the Philippines achieve good economic reforms. So, it’s really tooling them with the appropriate skills, expertise and knowledge, and even ideas based on Australia’s experience,” Yu said.

Aside from the Economic Growth Development Program, she said the Manila office of the Australian Investment Deals Team is up and running.

Last year, the Australian government picked Manila as one of its “Deals Teams” hubs as part of its Southeast Asia Economic Strategy to 2040.

The Deals Team monitors the business climate in the country for Australian firms to make sound investment decisions.

Business mission leader Shemara Wikramanayake, also the chief executive officer and managing director for Macquarie Group, said there are “170 long lists” of projects in the Philippines that the Deals Team is looking at.

Wikramanayake is leading a 15-delegate business mission in Manila from Sept. 5 to 6. (PNA)