Manila, September 2024 – This week, a prominent Australian trade and investment mission is taking place in the Philippines, led by Ms. Shemara Wikramanayake, Managing Director and CEO of Macquarie Group. This high-profile visit underscores Australia’s commitment to enhancing economic ties with Southeast Asia, particularly with the rapidly growing Philippine economy.
Ms. Wikramanayake, who has spearheaded Macquarie Group’s extensive involvement in the Philippines over the past two decades, is leading a delegation of 14 Australian businesses. The mission aims to explore new opportunities in the Philippines, which has recently undertaken economic liberalization measures, positioning itself as a prime destination for increased trade and investment.
Australian Ambassador to the Philippines, H.E. HK Yu, emphasized the strategic importance of this mission. “Australia is committed to partnering with the Philippines to support its goal of becoming an upper-middle-income economy,” she said. The delegation will engage with senior Philippine government officials, major conglomerates, and Australian companies with established operations in the country. They will also receive briefings from the Asian Development Bank on co-investment opportunities.
The focus of the discussions will be on investment prospects and regulatory frameworks in sectors such as agrifood, infrastructure, transportation, and energy, where Australian expertise aligns with Philippine needs. More than 250 Australian companies currently operate in the Philippines, employing over 44,000 Filipinos, and the mission aims to further showcase the Philippines as a hub for Australian business expansion in Southeast Asia.
Ambassador Yu highlighted the mission as a testament to the enduring friendship between the two nations. “This mission is more than a commercial venture; it’s about investing in our shared future,” she added.
The delegation includes C-level executives from prominent Australian organizations such as Australian Super, Future Fund, IFM Investors, Plenary Group, ANZ, Telstra, and major agribusiness players like Bega Foods and Graincorp.
The strategic partnership between Australia and the Philippines is marked by significant economic and people-to-people links. As of 2023, there are 33 direct flights between the two countries each week, and over 250,000 Australians visit the Philippines annually. Moreover, the Philippines is the fourth largest group of international students in Australia, with 31,760 students enrolled as of January 2024.
Recent developments include the Philippines exporting fresh mangoes to Australia and ongoing collaborations in green energy projects between Australian and Philippine firms. The Australian government is also investing in a $2 billion fund to support economic growth initiatives in Southeast Asia.
In her remarks, Wikramanayake highlighted the importance of expanding business engagement. “While we have strong government-to-government frameworks, real progress will come from direct business interactions. This mission reflects our dedication to fostering deeper economic ties and exploring diverse sectors for mutual growth.”
As the mission unfolds, both countries look forward to strengthened economic cooperation and increased investment opportunities that will benefit their shared economic future.
