JAKARTA, Indonesia – Private sectors from the Philippines and eight other Association of Southeast Asian Nations-Business Advisory Council  member states signed a memorandum of understanding in Jakarta, Indonesia to enhance ASEAN's economic integration efforts, Malacañang said on Wednesday.

In a statement, Malacañang said the MOU aims to jointly conduct "studies and mentorship channels with Filipinos for potential agriculture, agriculture technology, food security, agri-preneurship business models and value chain development among small, medium, and large farmers, enterprises, and government entities."

Separate MOUs were signed with Thailand, Brunei, Singapore, Laos, Cambodia, Vietnam, Myanmar and Indonesia through their respective ASEAN-BAC representatives.

ASEAN-BAC Philippines Chairman Jose Ma represented the Philippines. Concepcion III, the founder of Go Negosyo.

The development of trade and investment opportunities in various agricultural commodities including rubber, rice, corn, fruits, vegetables, and other agricultural services is expected to be explored under this joint cooperation.

All member-states also agreed to jointly promote effective strategies in addressing climate change and ensure a sustainable agribusiness environment.

The Philippines has already signed the same MOU with Malaysia during President Ferdinand R. Marcos Jr.'s state visit to Malaysia in July 2023.