Australia hikes aid to boost Phl's PPP

MANILA, Philippines (Xinhua) - The Australian government announced today that it is providing an additional grant of $2.5 million to help the Philippines fast-track the roll out of infrastructure projects under the Public-Private Partnership (PPP) scheme.

The latest grant brings Australia's total contribution to the PPP scheme to $30 million.

Australian Minister of Foreign Affairs Julie Bishop said Canberra's assistance allowed state-run PPP Center implement five projects worth in excess of $1 billion.

Bishop noted that the Ninoy Aquino International Airport Expressway costing $360 million recently signed by the Philippine government benefited from over $1 million in Australian funding to facilitate the transaction.

"Australian support is helping the Philippine government use PPPs to deliver better services to Filipinos and increase private sector participation and investment in major infrastructure projects," Bishop said in a statement.

She said the success of the Philippine PPP Center served as a model for the Asia Pacific Economic Cooperation pilot PPP Center in Jakarta, Indonesia.

Meanwhile, Manila and Canberra said they are keen on doubling two-way trade in five to seven years.

Australian Trade Minister Andrew Robb and Philippine Trade Secretary Gregory Domingo signed on Thursday night a joint economic communique which called for doubling bilateral trade and investments.

Figures from the Australian government showed that two-way trade between the two countries reached $3.4 billion in 2012.

Australia's top officials are in the country for the fourth Philippines-Australia Ministerial Meeting (PAMM).