Philippine President Ferdinand Marcos Jr. has successfully garnered an additional $22 million in investment commitments during his recent visit to Indonesia. In an official statement released by Malacañang, it was announced that these commitments were the outcome of President Marcos’ productive meetings with top executives from Indonesian companies specializing in animal health, artificial intelligence (AI), and digital connectivity.
The statement from the Presidential Palace revealed that PT Vaksindo Satwa Nusantara has expressed keen interest in providing $2 million in investments specifically for veterinary vaccines. In addition, PT WIR Asia Tbk, a prominent AI-focused firm, has made a significant commitment of $20 million to support the local market’s growth.
Furthermore, President Marcos held a meeting with Pasifik Satelit Nusantara, a company that had previously pledged to launch satellite internet services in the Philippines. According to Malacañang, Pasifik Satelit Nusantara is on track to launch a new satellite “within the year,” which will provide a substantial bandwidth allocation of 13.5 Gbps dedicated to enhancing internet connectivity within the Philippines.
The Philippines has been actively striving to keep pace with other nations in terms of digitalization. To this end, the Philippine government has been actively collaborating with international partners and enthusiastically embracing digital infrastructure initiatives aimed at achieving a comprehensive digital transformation.
Earlier this year, President Marcos visited China and signed a memorandum of understanding (MOU) with the aim of fostering cooperation on digital projects involving AI, 5G, cloud computing, big data, the Internet of Things, and other cutting-edge technologies.
In addition, President Marcos also welcomed the proposed establishment of two hyperscale data centers in Luzon. He believes that this project is important for the country as it’s being left behind when it comes to digitalization. Thus, the push for data centers, fiber optics and satellites is one of their priorities.