PH gets $22 million investment pledges from Indonesian firms: Palace


Posted at Sep 06 2023 12:57 PM

 Presidential Communications Office handout 
Presidential Communications Office handout 

MANILA — President Ferdinand Marcos, Jr. got $22 million in investment commitments from leading Indonesian firms at the 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits, Malacañang said Wednesday. 

These investments sought to improve partnerships on animal health, artificial intelligence (AI), and digital connectivity, said Press Secretary Cheloy Garafil. 

PT Vaksindo Satwa Nusantara "intends to cooperate" with Philippine-based partner Univet Nutrition and Animal Healthcare Company (UNAHCO Inc.) for veterinary vaccines, with plants to introduce some $2 million in investments this 2023. 

PT Vaksindo Satwa Nusantara, PT WIR Asia Tbk, and Pasifik Satelit Nusantara (PSN).

"They will soon provide the Philippines with an avian influenza vaccine," said Garafil.

Marcos Jr also had a meeting with PT WIR Asia Tbk, the subsidiaries of which committed some $20 million to the Philippines. "It is considered the first Metaverse company in Indonesia," based on the Palace release.

Meanwhile, the President had a meeting with Pasifik Satelit Nusantara (PSN) and updated the government on an agreement signed with WIT Philippines Inc. in September last year regarding a satellite launch in December. 

This satellite sought to upgrade the country's digital connectivity by allocating 13.5 Gbps bandwidth. 

If the satellite launch becomes successful, it would help WIT Philippines Inc. "to fulfill its intentions to develop a bigger market for both government and consumer markets in the Philippines," said Garafil. 

The President is in Jakarta until Thursday. 

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