Philippines - Australia Economic Cooperation Results in 17% RP Exports Growth
In the first quarter of 2010 alone, a 17% growth has already been documented in Philippine exports to Australia
. This further boosted the two way trade between the two countries which amounted to $2.5 billion in 2009. This significant development in Philippines - Australia economic cooperation was reported at the website of the Australian Department of Foreign Affairs and Trade website.Philippine - Australia business relations have always been fruitful. In fact, as early as 1975, the Australia Philippines Business Council (APBC) had already been established with a Philippine counterpart organization, the Philippines Australia Business Council (PABC). These two organizations take care of widening and strengthening networking among the business communities of the Philippines and Australia toward even better business cooperation.
More recently, on 1 January 2010, the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) was forged. This covers Australia, the Philippines, New Zealand, Brunei, Burma, Malaysia, Singapore and Vietnam. Evidently, based on the results so far, this has indeed enhanced Philippine - Australia trade and investment.
Growth was being seen in Philippine Australia trade even before the AANZFTA was put in place, though. In 2009, Philippine Australia trade in terms of services totaled $407 million in exports to the Philippines and $463 million in imports from the Philippines. This represented a growth of 11.7 per cent over the 2008 figures. Australian service exports to the Philippines in 2009 were dominated by education-related travel at $150 million and personal travel services at $81 million. Australian service imports from the Philippines in the same year were dominated by personal travel at $320 million and business and professional travel at $41 million.
Philippine Australia trade in merchandise exports and imports also show positive figures. In 2009, the largest Australian merchandise exports to the Philippines were copper ores and concentrates at $195 million; human and veterinary medicaments at $120 million; milk and cream at $95 million; and refined petroleum at $70 million. The largest Australian merchandise imports from the Philippines in the same year were batteries and electric accumulators at $36 million; copper at $31 million; telecommunications equipment and parts at $30 million; and radio broadcast receivers at $27 million.
Philippines - Australia economic cooperation extends to the mining industry. About 10 Australian companies are involved in mining explorations and development in the Philippines. Australia is actually considered as one of the major foreign investors in Philippine mining. In this connection, the Philippines-Australia Resources Education Excellence Program (PAREEP), launched in October 2009, awarded 25 scholarships to Filipino undergraduate students for studies in geology, mining, metallurgical engineering, environmental science and management, and community development. This is seen as another worthy investment in the future of Philippines - Australia economic cooperation.
Philippines - Australia tourism has also been healthy. In fact, in an online poll conducted by the reputable Australian website, Expedia.com.au, in December 2007, the Philippines ranked first in the Top 10 Emerging Food Destinations among 5,067 poll responses.
It is expected that in the following quarters of 2010, even higher growths will be seen in the bilateral Philippine Australia trade and investment activities as business relations are further strengthened. After all, economic and business cooperation will redound to the good of both countries.
Philippines - Australia Economic Cooperation Results in 17% RP Exports Growth
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