A high-profile Australian trade and investment mission to the Philippines is set to take place this week, led by Shemara Wikramanayake, managing director and chief executive of Macquarie Group, a global financial services group which has been active in the Philippines for 20 years.
As Australia’s business champion for the Philippines, Wikramanayake will lead a delegation of 14 Australian businesses to explore opportunities presented by the Philippines’ robust economy.
The landmark business mission underscores Australia’s commitment to strengthening economic ties with Southeast Asia, particularly the Philippines.
As one of the fastest growing economies in Southeast Asia and with recent economic liberalization measures, the Philippines offers substantial prospects for increased two-way trade and investment. “Australia is continuing to seek opportunities to partner with the Philippines to help it reach its ambition to be an upper-middle-income economy soon,” said Australian Ambassador to the Philippines HK Yu.
“This business mission is our strategic partnership in action. The Philippines’ need for high-quality investment in capital, expertise, and technology aligns perfectly with Australia’s strengths,” Yu said.
The business delegation will meet senior government officials, Philippine conglomerates and Australian companies that have long-established and successful operations in the Philippines. It will also be briefed by the Asian Development Bank (ADB) on co-investment opportunities.
Consultations with the Philippine government will focus on investment opportunities and regulatory framework in agrifood, infrastructure, transportation, and energy sectors, where Australia’s expertise complements the Philippines’ capabilities and aligns with the Philippine Government’s priorities.
The business delegation will also gain valuable insights from major Philippine conglomerates into the business and investment landscape in the Philippines.
More than 250 major Australian companies operate in the Philippines, employing over 44,000 Filipinos, and hundreds of smaller enterprises create thousands more jobs. The mission will showcase the Philippines as an investment destination and as a hub for Australian businesses to expand into Southeast Asia.
“This mission is more than a commercial venture; it’s a testament to the enduring friendship between Australia and the Philippines. We’re not just investing in business deals; we’re investing in our shared future,” Yu said.
C-level executives comprising the delegation are from Australia’s pension funds (Australian Super and Future Fund), institutional investors (IFM Investors and Investible), infrastructure firm (Plenary Group), resources equity firm (EMR Capital), leading corporates (ANZ and Telstra) and key agribusiness players (Bega Foods, Costa Group, GrainCorp, Sunrice and Pristine Pacific).
