YU

Australia aims to elevate to the top 10 the Philippines’ standing as a trade and investment partner.

HK Yu, Australian ambassador to the Philippines, said at the annual journalists briefing in Makati City on September 13 there is so much potential for cooperation between the two countries but like ships passing, are “not quite linking enough.”

There are 250 large Australian companies employing a total of 40,000 Filipinos in the Philippines.

“We can do more,” said Yu, as she announced the arrival of a bigger delegation of Australian businessmen in 2025. Without naming the companies, Yu said there is an opportunity for Australian companies with cutting edge technology to share their technology and experience with the Philippines in pursuing a digital company.

Yu said a lot has been done since the  launch in 2023 of Australia’s Southeast Asia economic strategy to 2040, including the visit recently of a supercharged business mission made up of 14 CEOs and very senior representatives of Australian companies and institutional investors.

“One of the things that was announced was the need for raising awareness. (The representatives)   came along quite skeptical. But by the time they left after a two-day program, they were so pleased with what the government is trying to do here, they went away very excited in the area of agri food, mining, green energy investment, and many other areas,” she said.

Yu said she is trying to get for the Philippines as much of the $2-billion financing facility provided by the Australian government for Southeast Asia.

Australia also created a deals team  embedded  into all the embassies across Southeast Asia to help identify projects and match them to potential Australian investors.

“It’s very striking that despite this huge economic growth that you’re going through, and despite your wonderful asset, the  people, and despite the natural resources you have in this country Australia-Philippine bilateral trade relationship is only  Australia’s 15 largest.

That’s not good enough. You should be at least in the top 10. That’s what we’ve got to work for. It’s the same story in the investment space as well. And so we are all working hard to achieve more investment, more trade, not just one way, but two ways,” Yu added.

“We are absolutely committed to helping the Philippines achieve your upper middle income economies (status) as soon as you can,” she said.

Benjamin Romualdez, president of the Australia-New Zealand Chamber of Commerce (ANZCHAM) Philippines echoed Yu’s statement on the lack of awareness.

Romualdez said as the  first Australian chamber under Australia’s Southeast Asia  strategy  to take members on a road show,  he has observed the sentiment of the Australian business community towards the Philippines is positive “when they are aware.”

Romualdez said in the business process outsourcing  space,  for example, there is the perception of Australia that work being done in the Philippines is limited to customer service when the industry also does finance, human resource, tech, robotics, among others.