The Philippines is considering four key investment sectors

The Philippines is eyeing four key sectors for investment opportunities for Brunei’s business leaders in agribusiness and food processing, renewable energy, Islamic finance and halal industries, said Philippine Department of Trade and Industry (DTI) Secretary Alfredo E Pascual.

He said this yesterday during his presentation on investment opportunities in the Philippines during the Philippine Business Forum at the Royal Berkshire Hall, Royal Brunei Polo and Riding Club in Jerudong.

Pascual also said that economic relations between Brunei Darussalam and the Philippines remain strong and continue to develop. He said that in 2023, Brunei was the Philippines’ 38th trading partner and 43rd source of foreign direct investment. Brunei’s investment in the Philippines reached $128,699 in 2023, he said.

Philippine-Brunei Darussalam bilateral trade has rebounded post-pandemic, Pascual said, recording a total trade value of $316 million last year, representing a 28 percent annual growth rate over the past five years.

He pledged that the Philippines is committed to strengthening economic ties within ASEAN, primarily through the ASEAN Trade in Goods Agreement (ATIGA) and the Regional Comprehensive Economic Partnership (RCEP), as a catalyst for deeper business cooperation and increased market access.

Meanwhile, Chief Business Officer, Jollibee Global Director, Jollibee Foods Corporation Joseph C Tanbuntiong shared the success story of Jollibee in Brunei in his brief remarks during the business session.

ABOVE and BELOW: Minister in the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah and Minister of Basic Resources and Tourism Dato Seri Setia Dr. Haji Abdul Manaf bin Haji Metussin at the event; and Philippine President Ferdinand R Marcos Jr in a group photo with Philippine cabinet members and speakers. PHOTO: JAMES CON

ABOVE and BELOW: Philippine Department of Trade and Industry (DTI) Secretary Alfredo E Pascual; Chief Business Officer, Director, Jollibee Global, Jollibee Foods Corporation Joseph C. Tanbuntiong; ASEAN Business Advisory Council (ASEAN BAC) Member of the Brunei/Brunei Economic Program and Managing Director of the Adinin Haji Musa bin Haji Adnin Group of Companies; Acting Chief Executive Officer (CEO) of the Brunei Economic Development Board (BEDB) Daniel Leong; and Chairman of the APEC Brunei Business Advisory Council and CEO of Standard Chartered Bank Brunei Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim address the forum. PHOTO: JAMES CON

He said: “We opened our first store in Brunei in 1987. Initial forecasts assumed expansion to five stores. Thanks to our customers in Brunei and the commitment of our teams and partners, we now have 20 Jollibee stores in the country.” He also said that Jollibee has employed more than 400 Bruneians, some of whom have worked there for up to 30 years.

ASEAN Business Advisory Council (ASEAN BAC) Brunei/Brunei Economic Program Member and Managing Director of Adinin Group of Companies Haji Musa bin Haji Adnin said: “In connection with the forum and the state visit of Philippine President Ferdinand R. Marcos Jr., a memorandum of understanding was signed (MoU) on joint ventures and initiatives in agriculture and the development of small and medium-sized enterprises.

“The agreement marks major steps in our efforts to cooperate to boost economic growth and development in both countries.” He stressed that ASEAN BAC “plays a key role in facilitating seamless interaction and supporting a business-friendly environment.

“Our goal is to support initiatives that drive economic development, innovation and sustainable growth for both nations.”

Meanwhile, Acting Chief Executive Officer (CEO) of the Brunei Economic Development Board (BEDB), Daniel Leong, reiterated that BEDB sees great opportunities for cooperation by leveraging BIMP-EAGA key sector areas.

“Our food industry action plan highlights significant investment prospects, particularly in the halal market with opportunities in aquaculture and agriculture, poultry and food processing.” He added: “Brunei’s unique land of culture and beauty offers enormous potential for joint ventures in tourism projects. The logistics and maritime sectors provide significant opportunities for investment and collaboration. The upcoming port expansion and transshipment are part of our broader strategy to increase regional integration and economic cooperation.”

Chairman of the APEC Brunei Business Advisory Council and CEO of Standard Chartered Bank Brunei Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim said: “Cooperation is at the heart of our efforts to improve the flow of trade between Brunei and the Philippines.

The private sector, especially organizations such as ASEAN and the APEC Business Advisory Council, plays a key role in facilitating cooperation by working together. Each board can leverage the knowledge and influence of its networks to identify synergies, overcome obstacles and promote business strategies that benefit both countries. “

DTI in collaboration with the Department of Agriculture and the Brunei Economic Program forum organized this event with the support of the Philippine Embassy in Brunei Darussalam. –James Con