Three Australian companies have unveiled plans to invest $40.4 million in the Philippines, the Department of Trade and Industry (DTI) said.
In a statement on March 21, DTI said the Australian firms have expressed their interest during the visit of Trade Secretary Ramon Lopez for ASEAN-related event.
Through letters of intent (LOIs), the three foreign firms presented their plans.
R. Lapid seeks to allot $10 million for a biomass facility, DTI said, also noting that the construction of the plant is now underway.
JBC Ventures, meanwhile, proposed a $30-million hotel condominium project in Mactan Island in Cebu.
The third project–with an initial investment of $400, 000–was an assembly plant of FLEETLOGIC Group of Companies and Shareholders. This facility is expected to be running by January 2019.
Lopez urged Australian firms to continue investing in the Philippines given its strong economy and the current administration’s push for improvements in the business system.