‘Exciting times’ ahead as trade ties between Australia, Philippines grow stronger
The economic bonds between the Philippines and Australia are gaining momentum as investments soar in high-value sectors that include agrifood, education, mining, technology, and cyber security.
Data from the Australian Trade and Investment Commission (Austrade) showed an 18 percent increase in the two-way trade value between the two countries in 2022.
“There has never been a more exciting time to work on issues relating to the Philippines because we are very bullish about the prospects for Philippine economic growth,” Christopher Lim, Senior Trade and Investment Commissioner at Austrade, said in a media briefing.
“We are very bullish about the prospects for Philippine economic growth and correspondingly, we are also very focused and also very hopeful about increasing links between Australia and the Philippines in terms of trade, economic, and education ties,” he added.
He pointed out that the Philippines is currently the 15th largest export partner of Australia, which means there’s still a huge room of improvement as the economic ties between the nations grow stronger.
A sweet spot in agriculture
Australia recently began receiving mango exports from the Philippines, starting with Sydney and Perth, a strong prospect for the Australian government, said Lim.
“The first shipments were oversold so, everything points to a very robust bilateral economic relationship between Australia and the Philippines,” he added.
Aside from mangoes, Australia is looking to import pineapples from the Philippines as well, as the ones that come from Manila have a much sweeter taste.
The huge challenge, however, is to address supply chain issues to make sure that there’s enough supply for of quality Filipino mangoes for the growing Australian market.
“We do know that there are challenges here in the Philippines in that regard, but on the other hand that there are countering forces such as the President’s Anti-Red Tape Authority has been extremely helpful in making sure that they get the right people together … and sort out the issues,” he said.
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A potential in the education sector
Education has been a cornerstone of the Australia-Philippines relationship, with the number of Filipino students consistently rising in Australia.
As of posting, there are at least 30,000 Filipinos studying in Australia, a huge growth from the 18,000 students pre-pandemic.
The increase reflects the quality of education available and the appeal of Australian institutions, which could present a strong opportunity for the country’s labor market.
Mining a stronger future
As efforts continue to strengthen economic ties between Australia and the Philippines, both nations look forward to further collaborations and partnerships in the mining sector.
Just last March, a business delegation composed of officials from various mining firms in the Philippines went to Perth to discuss opportunities with potential partners.
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There have been a number of Australian mining companies that found success in the Philippines, including OceanaGold, and the government is eyeing this as another growth opportunity.
As efforts continue to strengthen economic ties between Australia and the Philippines, both nations look forward to further collaborations and partnerships in various sectors to shape the future of regional trade.