Marcos Jr. secures $22 million investment pledges from 2 Indonesian firms

JAKARTA – Two Indonesian firms have pledged to invest a total of $22 million in the Philippines following meetings with President Marcos on the sidelines of the 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits here, officials said yesterday.

In a statement, Presidential Communications Office Secretary Cheloy Garafil said the companies met with Marcos for increased partnerships on animal health, artificial intelligence (AI) and digital connectivity.

The meetings were a follow-up to Marcos’ state visit here last year that sought to forge strategic linkages and partnerships between Manila and Jakarta in agriculture, animal vaccine manufacturing, digital technology innovation and other key sectors.

Garafil said PT Vaksindo Satwa Nusantara aims to cooperate with its local partner, Univet Nutrition and Animal Healthcare Co. Philippines, on veterinary vaccines and would infuse $2 million in investments this year. The company would also provide the Philippines with an avian influenza vaccine soon, she added.

Marcos also met with officials of PT WIR Asia Tbk., whose subsidiaries plan to invest $20 million in the next five years.

The company is an Indonesian publicly listed firm that develops augmented reality technology integrated with virtual reality and AI. WIR is considered the first metaverse company in Indonesia, Garafil said.

Another Indonesian company, Pasifik Satelit Nusantara (PSN), gave Marcos an update on the memorandum of understanding (MOU) it signed with WIT Philippines Inc. last year, which involved the launch of a satellite in December. The launch is expected to help boost digital connectivity in the Philippines.

The Department of Trade and Industry (DTI) noted that PSN had signed an MOU with a $350-million investment value and an allocation of 13.5 Gbps of bandwidth for the Philippines from a new satellite to be launched this year. The company has also expressed interest to develop a bigger market for both the government and consumers in the Philippines, the agency added.

“Through your committed investments in the country, we see you as our valuable partner in pursuing robust economic growth and expansion,” DTI Secretary Alfredo Pascual said in a statement.

“We look forward to our strategic collaboration and partnership in creating a sustainable and innovative future for the region. As our department continues to work on ensuring high-quality and better-paying jobs for Filipinos, we encourage you to make it happen in the Philippines,” the trade chief added.

During the roundtable meeting with the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC) last Tuesday, Marcos called for a stronger partnership between the Philippines and Indonesia in agriculture, energy, digitalization and supply chain.

“I cannot say now how happy I am to be able to have met with you, some of you again, and to have this opportunity so that we can hopefully explore many areas that we have really not spoken about before but are particularly relevant when it comes to partnerships between our two countries both in the private and the public sectors,” the Chief Executive said during the event, which was attended by CEOs of various businesses.

“We have adopted a policy of very close coordination and cooperation with the private sector and that I think is also the element that will add to the possibilities to excel,” he added.

Saying agriculture remains the “number one priority,” Marcos talked about the imposition of price caps on rice to ensure that the food commodity remains accessible to ordinary Filipinos.

The Philippines is also focused on energy, including the shift to renewables and continues its infrastructure buildup, the President said.

“Of course, digitalization is given... The key is always to make people more productive, make our economic activities more productive,” he added.

Marcos also cited the need to ensure that supply chains would cross borders, saying it would allow the ASEAN to become an epicenter of growth.

“There is much that we can do to learn from one another and to be able to maximize the value that we put to our products both from Indonesia and also the Philippines,” he said.

“With strong partnerships, I see many opportunities for ASEAN partner countries and the Philippines to further strengthen our ties in trade and investment.”

Marcos assured investors that the government is undertaking measures to improve the ease of doing business in the Philippines. He cited laws aimed at encouraging foreign investments, including amendments to the Public Service Act, the Foreign Investment Act, the Retail Trade Liberalization Act, the Corporate Recovery and Tax Incentives for Enterprises Act and the Ease of Doing Business Act. He also mentioned the executive order on green lanes for strategic investments, which aims to simplify procedures and trim bureaucratic layers.

In a related development, the private sectors from the Philippines and eight other state members of the ASEAN-BAC signed an MOU for agriculture cooperation and small business development.