Republic of the Philippines
Republic of the Philippines
1 Moonah Place, Yarralumla, ACT 2600, Australia

Philippines Showcases Booming Economic Zones and Investment Prospects at Business Forum

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Philippine Embassy, Canberra

1 Moonah Place, Yarralumla, ACT 2600    *Tel. No. 02-6273-2535*

Philippines Showcases Booming Economic Zones and Investment Prospects at Business Forum

28 JUNE 2023, SYDNEY – Under the auspices of the Philippine Trade Investment Center-Sydney, a business forum was conducted on 27 June in Sydney. The forum centered on key investment opportunities in Philippine economic zones and successfully drew more than 70 participants from both Filipino and Australian businesses. The forum was headlined by former Philippine Defense Secretary and now Bases Conversion and Development Authority (BCDA) Chairman Delfin N. Lorenzana. Chairman Lorenzana is leading a business delegation to Sydney, the Gold Coast and Brisbane to develop business links between the Philippines and Australia in particular on infrastructure development and innovation.

BCDA Chairman Lorenzana presented the New Clark City, a former US Air Force Base in Central Luzon, as one of the flagship projects in the country. The New Clark City boasts a brand new state-of-the-art airport terminal and plans for a high-speed rail from the capital Manila to Subic port. It is the first smart, green and resilient metropolis in the country to host the following priority industries: renewable energy; light manufacturing, food processing, warehousing, logistics; and ICT infrastructure and data centers. It is expected to generate 600,000 jobs.

Philippine Ambassador to Australia Ma. Hellen De La Vega underscored the momentum in the dynamic economic ties between the Philippines and Australia, including visits of Australia's Special Envoy for Southeast Asia Mr. Nicholas Moore and Minister for Trade and Tourism Don Farrell to the Philippines in the first half of 2023 to engage officials and stakeholders to enhance two-way trade. She emphasized that all these activities are important building blocks leading up to the elevation of Philippines-Australia relations to Strategic Partnership.

The Ambassador pointed out the Philippines’ impressive economic growth of 6.4% in the first quarter of 2023, surpassing the performance of other emerging Asian economies, and the increase of the country’s growth projection to 6% given strong consumer demand.

“With infrastructure development initiatives facilitated by the BCDA and the recognized economic drivers such as the business process management sector, promising opportunities await”, Ambassador De La Vega stated.

The forum was followed by parallel breakout business-to-business meetings which allowed focused discussions in respective areas of interest.

More information on Philippine economic zones and featured development projects are available on : and - END

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