News Release

Great potential for growth in PH-Australia trade and investment under existing Strategic Partnership, says Australian PM Albanese

Australia has recognized the Philippines’ potential as one of fastest growing economies in the Indo-Pacific region noting that the relationship between the two nations could still be enhanced further through the current Strategic Partnership.

“For many years, Australians spoke about the tyranny of distance from the great economies and markets of the United States of America and Europe. Now we speak about the proximity of opportunity, located as we are at the heart of the fastest growing region of the world in human history and that presents such an opportunity for us,” Australian Prime Minister Anthony Albanese said in a joint press statement with President Ferdinand R. Marcos Jr. in Canberra on Thursday.

“Our Strategic Partnership with the Philippines is a key pillar of the commitment to building those relationships in our region and I look forward to continuing to work with the Philippines and with President Marcos to meet the challenges of our times and realise our shared vision for an open, peaceful, stable and prosperous region. Mr. President,” he said.

Citing deepening two-way trade and investment links between the two countries, Albanese said the Philippine–based company International Container Terminal Services Inc. (ICTSI) will open this week a new $235-million expansion to its facilities at the Port of Melbourne

This will bring these investments in Melbourne to a billion dollars, a welcome example of the opportunity available to grow both economic ties.

According to Albanese, Australia and the Philippines share a vision for an open, stable and prosperous region where disputes are settled through agreed rules, norms and institutions.

He said Australia’s economic future lies with Southeast Asia and it is determined to drive growth in trade and investment in line with the Southeast Asia Economic Strategy to 2040, launched at the ASEAN Summit last year.

And that will be a focus point of the business summit on the sidelines of the ASEAN Summit to be held in Melbourne next week, where Australia and the ASEAN will mark the 50 years of being dialogue partners., he pointed out.

For his part, President Marcos said stability in the Indo-Pacific region is of utmost priority for both countries, with the Philippines recognizing Australia’s indisputable role as a regional stabilizer.

Aside from defense and security, the two countries will also work to enhance economic cooperation and people-to-people ties.

Over 400,000 Australians with Filipino heritage have been contributing to modern multicultural Australia. PND