THE Philippines and New Zealand signed on Tuesday three investment agreements aimed at expanding bilateral and economic ties between the two countries.

“The President witnessed the signing of three investment agreements: the Energy Development Corp. [EDC] and GNS Science [Institute of Geological and Nuclear Science Limited] Memorandum of Agreement [MOA]; the Alliance Select Foods International [ASFI] and Akaroa Salmon New Zealand Limited [MOA]; and the New Zealand-Philippines Business Council and Philippines-New Zealand Business Council [MOA],” Palace deputy spokesman Abigail Valte said.

In the first agreement—signed by Richard Tantoco, EDC president and chief operating officer, and Dr. Alexander Malahoff of GNS Science—both parties agreed to strengthen its relationship and establish more mutually beneficial geothermal science and resource technology projects.

The deal also allowed EDC to engage GNS Science in benchmarking the former’s practices and acquire best-in-class performance in all areas of the geothermal business.

In the second—signed by Jonathan Dee, ASFI president and chief executive officer, and David Duncan Bates, co-owner of Akaroa Salmon—ASFI agreed to buy an 80-percent share in Akaroa Salmon worth NZ$2.8 million, with NZ$126,881 as working capital.

In the third, the Philippines and New Zealand agreed to promote the development and growth of business interests in both countries; facilitate the flow of business information; develop promotional events and projects; develop world-class management and corporate best practices and quality standards and act as primary channels for cooperation between the private sector in New Zealand and the Philippines in coordination with their respective governments.

The signing came a day after President Benigno Aquino 3rd and his 96-member delegation arrived in Auckland, New Zealand. They will fly to Australia today. The government is spending P44 million for both trips.

Open for business
In a speech before the Philippine-New Zealand Business Forum, Mr. Aquino encouraged businessmen to invest in the Philippines, saying that it is open for business.

“We pledged that the Philippines, under new management, would truly be open for business—not the kind of business characterized by patronage and backroom deals, but real business, where the rules are clear, and the playing field leveled,” President Aquino said.

“These are indeed exciting times in the Philippines, and now is the time to invest. What we are bringing to the table today—that we believe [the] administrations in the recent past have not been able to offer—is a business climate characterized by fairness and integrity: where rules are clear-cut, where all are given the opportunity to profit, and where your success is determined by your strengths, adaptability, and ability to innovate,” he added.

The Philippines and New Zealand already have a growing trade relationship in which both are playing according to its strengths, according to the President.

“Your dairy products, in particular, seem to dominate our markets in the entire Philippines. In turn, we have sent inorganic chemicals and tropical fruits such as bananas, pineapples, and coconuts to you,” President Aquino said.

He also cited areas of mutual interest to both countries such as geothermal energy, the business process outsourcing industry and the existing Working Holiday Scheme.

“As we promised the Filipino people over two years ago, so too do we promise you today: In us, you will find a government that stands for integrity, transparency, and accountability, and that is willing to work with you towards the success of our individual endeavors,” he said.