IP3 launches platform to tackle $300 billion gap in Philippines

The Indo-Pacific Partnership for Prosperity (IP3) has launched a platform aimed at addressing the substantial $300 billion infrastructure investment gap in the Philippines.

In March 2024, IP3 was established with the mission to enhance growth, resilience, and opportunities in the Indo-Pacific region by harnessing the potential of private sector investments and expertise. The first year saw significant progress, as highlighted by IP3's Executive Director, David Talbot. He expressed satisfaction with the year's achievements and outlined the objectives set during this period.

Talbot said, "Our work is only just beginning. The lessons we have learned from collaborating closely with our partners and allies have helped us refine IP3's vision and strategy for the years ahead. Looking forward, we are committed to working at speed and scale by doubling down on high-impact, mission-driven, and solutions-oriented initiatives."

"We will continue to learn, adapt, and execute as we remain focused on unlocking opportunities, accelerating positive transformations, and catalysing systems change. The Indo-Pacific is the world's most dynamic and fastest-growing region. What happens in the Indo-Pacific over the next ten years will shape its trajectory for decades to come. I am excited to continue amplifying our impact and looking forward to a productive and exciting 2025 together."

IP3's commitment to the Philippines includes forming a coalition to stimulate infrastructure investment in the country. Leadership from IP3's Coalition for Emerging Market Infrastructure Investment recently convened with key government officials of the Philippines, including Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, to inaugurate the Coalition's country platform. This collaboration seeks to address the fast-growing energy demand in the region over the next 25 years, with the Organisation for Economic Co-operation and Development estimating that over USD $300 billion will be required by 2040 to support a clean energy transition.

The Coalition's Philippines Platform is set to bring together various stakeholders to devise strategic plans for infrastructure development in the Philippines. These include governments, private sector leaders, and other relevant parties. An ambitious roadmap has been initiated to focus on investment opportunities and infrastructure support needs throughout the Philippines.

In addition, IP3 is preparing to launch another significant initiative in early 2025 aimed at boosting AI infrastructure investments across the Indo-Pacific. This initiative is designed to bring together diverse stakeholders, including leaders from technology, energy, financial services, and public sectors, to identify and tackle barriers to investment and create a coherent strategy for AI infrastructure development.

IP3's broader efforts in the Indo-Pacific include a coalition formed during the IPEF Clean Economy Investor Forum, with major entities such as KKR, Global Infrastructure Partners, BlackRock, and The Rockefeller Foundation among its members. The coalition has considerable financial power, with an estimated USD $25 billion ready for infrastructure investments across emerging markets in the region. This effort has been recognised on international platforms, including the G7 Summit.

There are concerted efforts to identify and support clean tech startups, undertaken in collaboration with HolonIQ to curate the Indo-Pacific Climate Tech 100. The initiative brought numerous promising startups to Singapore to interact with investors, highlighting the region's entrepreneurial potential.

IP3 co-chairs Joe Bae, Co-CEO of KKR, and Natarajan Chandrasekaran, Chairman of Tata Sons, have underscored the significant economic and investment prospects driven by the infrastructure needs of the Indo-Pacific. The region demands immense investment to meet its infrastructural push, underlining IP3's relevance and urgency.

Further bolstering its leadership, IP3 brought on Georgie Skipper in July as a Senior Advisor. Skipper brings a wealth of experience from her international engagements and roles across various high-level governmental and organisational platforms, shaping policy and investment decisions globally.