The Philippines secured on Tuesday a total of $22 million investment from Indonesian firms following President Ferdinand "Bongbong" Marcos Jr.'s visit in Jakarta for the 43rd Association of Southeast Asian Nations (ASEAN) Summit.
In a statement, Presidential Communications Office Secretary Cheloy Garafil disclosed that top executive Indonesian companies met with Marcos for increased partnerships on animal health, artificial intelligence (AI), and digital connectivity.
According to Garafil, the companies were PT Vaksindo Satwa Nusantara, PT WIR Asia Tbk, and Pasifik Satelit Nusantara (PSN).
She noted that PT Vaksindo Satwa Nusantara "intends to cooperate" with its local partners, Univet Nutrition and Animal Healthcare Company Philippines, on veterinary vaccinations, with plants to introduce some $2 million in investments this year.
Marcos also had a meeting with PT WIR Asia Tbk and its subsidiaries as $20 million will be invested in the Philippines over the next five years.
According to the Palace release, "It is regarded as the first Metaverse company in Indonesia."
Meanwhile, the President also had a meeting with Pasifik Satelit Nusantara (PSN) and provided an update to the government on a contract for a satellite launch in December that was signed with WIT Philippines Inc. in September 2022.
This satellite allocated 13.5 Gbps of bandwidth in an effort to improve the nation's digital connection.
If the satellite launch is successful, it will enable WIT Philippines Inc. to carry out its plans to create a larger satellite.

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PH bags $22 million investment pledges from Indonesian firms