[In photo: (front row, L-R) Cyclion Pty Ltd Founder and CEO Philip Major and DTI Secretary Alfredo Pascual; (back row, L-R) Philippine Ambassador to Australia Ma. Hellen De La Vega and Australia Philippines Business Council President Rafael Toda]
Department of Trade and Industry (DTI) Secretary Alfredo Pascual encouraged Australian firms to seize the stronger economic cooperation between the Philippines and Australia during the Business Roundtable Meeting on October 9 in Adelaide, Australia.
He cited the Philippines’ growing economy and conducive business environment, making it a strategic location for investments with its young population, skilled workforce, and sizeable consumer market.
Secretary Pascual highlighted, “Australia’s focus on Southeast Asia aligns with the Philippines’ robust macroeconomic fundamentals, improved governance, political stability, and commitment to a competitive, transparent, and enabling business environment. Australia and the Philippines naturally complement each other, and I encourage the private sector to seize these synergies.”
During the discussion, the DTI Secretary noted the private sector’s significant contribution to the DTI’s pursuit of an enhanced Philippine economic environment that is science, technology, and innovation (STI)-driven. He also cited the remarkable partnerships with the private sector which paved the way for more robust trade and investment policies between both nations.
Secretary Pascual also expressed the Philippines’ commitment to deepening collaboration across various areas of mutual interest, such as agriculture, education, critical minerals, and clean energy.
He stressed, “Recently, we achieved a significant milestone by elevating our relationship from a comprehensive to a strategic partnership by signing the Joint Declaration. This shift not only broadens our strategic cooperation but also enhances trade and investment between our nations.”
Secretary Pascual also witnessed the signing of two Letters of Intent (LOI) and a Memorandum of Understanding (MOU) on investments and collaboration on research and investments.
The business agreements signed include a potential equity and/or project investment by the National Development Company with green energy company Cyclion Pty Ltd to treat municipal solid waste (MSW) and convert it to useful fuel or electricity. Another agreement signed was a research collaboration between Algae Harvest Pty Ltd, a hundred percent owned subsidiary of Murdoch University and Cyclion Pty Ltd. The collaboration aims to research new ways of using algae to turn waste into high-value products. This research will be applied to Cyclion’s projects in the Philippines.
Secretary Pascual also witnessed the signing of a Letter of Intent by Southern Infrastructure Pty Ltd to develop a thorium-fueled reactor to deliver a safe, sustainable and green (C02=0) base load energy to contribute to the country’s renewable energy targets.
