MELBOURNE — President Ferdinand Marcos Jr. on Monday urged Australian entrepreneurs to consider the Philippines a reliable partner for expansion and operations to bolster the two countries’ 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, Marcos emphasized the importance of legislative amendments in adapting to the evolving global economy post-pandemic.

He highlighted key changes to local laws such as the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act and Renewable Energy Act as pivotal to 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,” the President said.

Marcos 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,” Marcos affirmed, citing the efforts to simplify tax payments, streamline regulations, and provide unwavering support to businesses.

He also 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 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, manufacture 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,” Pascual said.

“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 indicate future business engagements and 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 the fruition of these projects as we collectively strive to build a better Philippines,” Pascual said.

Meanwhile, Philippine Economic Zone Authority Director General Tereso Panga highlighted Australia’s profile in Philippine economic zones, noting the increasing investments from Australia in the past three years.

At the same meeting, Panga presented PEZA’s maturing industry ecosystems that feature global industry leaders, world-renowned one-stop and non-stop shops, and ease-of-doing business initiatives.

Echoing the call of the President, Panga said, “Our investors can rely on PEZA to lay out its signature ‘no red tape but only red-carpet’ treatment.”

On the sidelines of the forum, Pascual, who is also PEZA chairman, and Panga met with officers of the Australian company Plentex to discuss its intent to set up an aquaculture farm and food processing facility in Leyte and Samar.

The proposal fits squarely in the President’s food security agenda and one of PEZA’s priorities of pursuing the development of aquamarine or blue ecozones to support the proposed Blue Economy Act.

To date, PEZA hosts 130 Australian-owned companies with investments totaling P14.28 billion, generating almost $1 billion in annual exports and providing employment to more than 55,000 Filipinos.