May 22, 2024

The Insider News

Direct from the source

Marcos secures $22M investments from Indonesia’s top companies

PRESIDENT Ferdinand R. Marcos Jr. secured on Tuesday $22 million in investments following his meetings with Indonesia’s leading companies for increased partnerships on animal health, artificial intelligence (AI), and digital connectivity.

The President met the top executives of those companies in Jakarta at the sidelines of his participation in the 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits.

Among those who met the President were top executives of PT Vaksindo Satwa Nusantara, PT WIR Asia Tbk, and Pasifik Satelit Nusantara (PSN).

PT Vaksindo Satwa Nusantara intends to cooperate with its local partner, Univet Nutrition and Animal Healthcare Company (UNAHCO Inc.) Philippines, on veterinary vaccines kand will pursue an infusion of US$2 million in investments this year. They will soon provide the Philippines with an avian influenza vaccine.

Another company that met the President was PT WIR Asia Tbk., which its subsidiaries, namely PT Mata Nilai Republik plan to invest US$20 million in the next 5 years. WIR is an Indonesian publicly listed company that develops augmented reality (AR) technology integrated with virtual reality (VR) and artificial intelligence (AI).

It is considered the first Metaverse company Indonesia.

President Marcos also met with Pasifik Satelit Nusantara (PSN) who provided an update on the fruition of the memorandum of understanding (MOU) signed last year which involved the launching of a satellite in December 2023 that could help improve digital connectivity in the Philippines. PSN signed the MOU with WIT Philippines Inc. in September last year during the President’s State Visit to Indonesia.

The allocation of 13.5 Gbps of bandwidth for the Philippines from a new satellite that PSN is scheduled to be launched within the year, allowing WIT to fulfill its intentions to develop a bigger market for both government and consumer markets in the Philippines.