The Australian government has initiated a funding program for firms operating in Indo-Pacific countries, including the Philippines, wherein successful applicants can get up to P17.5 million of financial support.
Dubbed the Business Partnerships Platform (BPP), the program seeks to help in the Covid-19 recovery of business enterprises in Bangladesh, Nepal, Philippines, Timor Leste and Tonga. Applicants for the funding must submit a proposal for business initiative that has social impact, with each countries having different categories.
The BPP can co-finance businesses commercial ideas that contribute to digitalization, skills development for workers and micro, small and medium enterprises (MSMEs), economic opportunities for women or green recovery.
For the Philippines, partnerships should work on either of the following: cyber security and the critical infrastructure for MSMEs; digital mental health services; information and communications technology; and digital skills, big data, artificial intelligence and data analytics.
Australian Ambassador Steve J. Robinson AO said the Australian government is more than willing to help the Philippines recover from the economic impact of the pandemic.
“This is an exciting opportunity for businesses to partner with the Australian Government to drive impact and change to help the Philippines bounce back from Covid-19. The commercial ideas we will support will create jobs, enhance gender equality and assist economic recovery,” said Ambassador Robinson AO.
On eligibility, a business can apply on its own, or form a consortium with other businesses, social enterprises, investors or even nongovernment organizations. They should be registered with the government of their jurisdiction and must have financial history.
Likewise, they are required to match or exceed BPP funding through cash or in kind investment in undertaking the business initiative.
The applicants should also indicate a period of project implementation between one and three years. The initiative must be done between April 1, 2020 and June 30, 2024.
The Australian Department of Foreign Affairs and Trade is tasked to do a due diligence process before entering a contract with successful applicants.