Marcos witnesses signing of P86-B deals

PRESIDENT Ferdinand Marcos Jr. on Monday witnessed the signing of 12 business deals, which translate to $1.53 billion or P86 billion in investments to the country, during the Philippine Business Forum organized by the Department of Trade and Industry (DTI) in Melbourne, Australia.

President Ferdinand R. Marcos Jr. invited on Monday Australian business leaders to consider investing in the Philippines as he welcomed opportunities for greater cooperation between the Philippines and Australia in terms of climate change and energy transition. Photo from PCO

The signing took place on the sidelines of the Asean-Australia Special Summit that Marcos attended.

“These investments will fuel growth across sectors like renewable energy, health care, housing and technology,” the President said.

The 12 business deals consist of 10 memoranda of understanding (MoUs) between Filipino and Australian business leaders and two letters of intent (LOIs) from Australian business leaders who intend to invest in the Philippines.

Among the MoUs are the development, design, construction, commissioning and funding of a Tier-3 Data Center with a capacity of 30 MW-40 MW in the Poro Point Freeport Zone with a land area of approximately 16 hectares and the Expansion of Next-Generation Battery Manufacturing in the Philippines.

An MoU was also signed for the deployment of decarbonization solutions comprising orchestration of renewable energy, storage, and e-mobility to New Clark City Stadium and other BCDA sites to reduce energy costs, reliance on grid power, improve sustainability and achieve progress on the decarbonization journey.