PRESS RELEASE

Philippine Embassy, Canberra

1 Moonah Place, Yarralumla, ACT 2600
www.philembassy.org.au    *Tel. No. 02-6273-2535*

09 September 2024, SYDNEY – Philippine Ambassador to Australia H.E. Ma. Hellen De La Vega underscored the viable and ideal environment of the Philippines for foreign investment in a CEO Roundtable hosted by Macquarie Group CEO Shemara Wikramanayake for the Australian New Zealand Chamber of Commerce and Industry (ANZCHAM) Philippines business delegation led by Benjamin Romualdez.

The roundtable was attended by Philippine and Australian government officials and business executives including Australia-Philippines Business Council President Rafael Toda, Deputy Director-General of the Philippines Economic Zone Authority Ms. Vivian Santos, IT and Business Process Association of the Philippines President Jack Madrid.

“We are one of the most dynamic economies in Southeast Asia, having had a full-year GDP growth rate of 5.6% in 2023, outpacing major East and Southeast Asian economies and the Philippine economy expanded by 5.7% in the first quarter of 2024”, stated Ambassador De La Vega.

The Ambassador encouraged private-sector investment in the country, particularly around infrastructure, energy transition and digital transformation, further noting that the Philippines has achieved two A- credit ratings by Japan Credit Rating Agency in 2020 and Rating and Investment Information, Inc. in 2023.

Ms. Wikramanayake highlighted the importance for Australia to learn more about the Philippines in order to pursue deeper engagement and opportunities in agriculture, building digital infrastructure, mining and renewable energy. She attributed the success of Macquarie in the Philippines to the employment of local teams which also generate employment.

Shemara Wikramanayake was named as the Australian Government’s Business Champion for the Philippines by Prime Minister Anthony Albanese at the ASEAN-Australia Summit in Melbourne in March 2024. Macquarie has been operating in the Philippines for more than 20 years as a leading infrastructure asset manager, a top-4 international broker, and principal investor and adviser in infrastructure and energy. It employs more than 1,000 staff in Manila to support its global operations across operations, finance, human resources, legal, technology and risk. – END