MELBOURNE — President Ferdinand Marcos Jr. on Monday urged Australian entrepreneurs to consider the Philippines as a reliable partner for expansion and operations in a bid to bolster economic ties and foster mutual growth.

The Chief Executive said this as he witnessed the signing of 14 business agreements between Philippine and Australian businesses worth $1.53 billion.

In his speech during the Philippine business forum here in Melbourne, Marcos Jr. emphasized the importance of legislative amendments to adapt to the evolving global economy post-pandemic.

Marcos Jr. highlighted key changes to acts such as the Public Service Act, the Foreign Investments Act, the Retail Trade Liberalization Act, and the Renewable Energy Act as pivotal for strategic investments.

"It is a new world, it is a new economy, it is a new global economy to which we need to adjust, not only our business sector, not only our private sector, not only our finance sector but also our legislative sector to change — to make the very important structural changes that are necessary for us to adjust to the new global post pandemic economy," Marcos Jr. said.

Marcos Jr. also underscored the significance of private sector participation in the country's development trajectory, emphasizing partnerships as essential for success.

He outlined initiatives such as the Comprehensive Tax Reform Program (CREATE Act) and the establishment of the Maharlika Investment Fund as a testament to the government's dedication to financing priority projects and driving socioeconomic impact.

"We prioritize the ease of doing business," President Marcos affirmed, citing efforts to simplify tax payments, streamline regulations, and provide unwavering support for businesses.

He highlighted the establishment of Green Lanes for strategic investments, aimed at reducing bureaucratic hurdles and expediting the entry of foreign direct investment.

Trade Secretary Alfredo Pascual, for his part, said these 14 pivotal business agreements are poised to catalyze investment relationships and drive Philippine economic growth.

Pascual expressed his delight in presenting the array of agreements that signify a steadfast commitment to excellence and fruitful partnerships across various sectors.

Notable among these are renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, establishment of data centers, manufacturing of health technology solutions, and digital health services.

"These agreements are more than just signatures on paper; they represent tangible outcomes of investment promotion and will serve as the foundation for ongoing Philippine-Australia business engagements," said Pascual.

"I extend my deepest gratitude to the companies and business leaders who dedicated substantial effort in negotiating and crafting these agreements. Their commitment has forged strategic alliances, paving the way for a brighter collective future," he added.

The sectors identified in these agreements are not only indicative of future business engagements but also align with the sustainable development goals of both nations.

They are poised to provide substantial opportunities for growth and innovation while addressing pressing challenges such as climate change and healthcare accessibility.

Pascual emphasized the importance of upholding the spirit of collaboration and urged stakeholders to seize the opportunities that lie ahead.

"I look forward to the successful implementation and fruition of these projects as we collectively strive to build a better Philippines," Pascual said.