MANILA – Three Australian companies have expressed interest to invest in the Philippines, the Department of Trade and Industry (DTI) said in a statement Wednesday.
DTI said it received three letters of intent (LOIs) from Australian firms to invest some USD40.4 million in the country from the recent visit of DTI Secretary Ramon Lopez to Australia for an ASEAN-related event.
On the sidelines, Lopez and Foreign Affairs Secretary Allan Peter Cayetano met with Australia-Philippines Business Council (APBC) in Sydney.
Three firms presented their LOIs to DTI for a USD10-million biomass facility: FPC Funds Management Pty. Ltd, Solid Energy Technologies Pty. Ltd., and R. Lapid.
The construction of their pilot plant is now under way, the DTI said.
A USD30-million project was presented by JBC Ventures for the construction of a hotel condominium in Mactan Island in Cebu.
The third project is the GPS assembly plant of FLEETLOGIC Group of Companies and Shareholders, with initial investment of USD400,000.
The company eyes the factory to be operational by January next year.
Meanwhile, Lopez said it is an opportune time for Australian firms to invest in the country with the country’s robust economic growth, while the government is embarking on reforms to enhance the business environment.