In a bid to contribute to the country’s economic growth, Australia is set to pour in Australian $45 million as part of its Economic Growth Development Program for the Philippines.

“We could see that economic growth was one of the most important priorities for the Philippines. So, we had (actually) made a very conscious decision to use part of our development money to focus on economic growth. And that is the program over five years that we are finalizing at the moment,” Australian Ambassador to the Philippines HK Yu said in a press conference on Friday.

Further, Yu said the Australian $45 million program will be spread over five years and is expected to be launched early next year.

In realizing this, the envoy maintained that the Australian Embassy is collaborating with the Philippine government in drafting the plan.

“A big chunk of this is really about helping the Philippines achieve good economic reforms. So, it’s tooling them with the appropriate skills, expertise and knowledge and even ideas based on Australia’s experience,” according to Yu.

Aussie biz blitz

The announcement was part of the Australian Business Mission to the Philippines from 5 to 6 September in Manila.

 Australia’s Business Champion for the Philippines and Macquarie Group’s Managing Director and CEO, Shemara Wikramanayake led the influential delegation of Australian institutional investors and corporates from the agribusiness, resources, infrastructure and digital sectors.

 Fifteen delegates represented 14 of Australia’s key investment funds and corporations.

Her Excellency Yu, Austrade Chief Executive Officer, Mr Xavier Simonet and Export Finance Australia Managing Director and Chief Executive Officer, John Hopkins are also in the delegation. 

The delegation met with senior government officials, Philippine conglomerates and Australian companies that have long-established and successful operations in the Philippines.