PT WIR Asia Tbk (WIRG), an Indonesian metaverse development company, is planning to invest US$20 million (approximately IDR306 billion) to expand its business in the Philippines over the next five years. The expansion will be carried out through WIR Asia subsidiary, PT Mata Nilai Republik.
The investment commitment was announced by President Ferdinand R. Marcos, Jr of the Philippines after meeting with several Indonesian company executives during the ASEAN 2023 Summit in Jakarta.
The Philippines has secured a total investment commitment of US$22 million from Indonesian companies. In addition to WIR Group, the Philippine government mentioned that PT Vaksindo Satwa Nusantara also intends to invest US$2 million (approximately IDR30.66 billion) for pet vaccine development.
Plans from 2022
WIR Asia’s plan to invest in the Philippines has been in the works since 2022. Last June, WIR Group’s management conducted a business visit to Manila and met with Frederick Go, the Investment and Economic Advisor to the President of the Philippines.
The Philippine government expressed its support towards WIR Asia in driving digitization and strengthening the technology ecosystem in the country.
WIR Asia has partnered with the strategic consultant firm Orbos Consulting and Advisory Group OPC (ORCA), a Philippines-based management consulting and advisory company. This collaboration was formalized with a memorandum of understanding signed on June 13, 2023.
During their business visit to Manila, WIR Group also explored potential collaborations with SM Group, one of the leading conglomerates in the Philippines.
Both companies discussed the utilization of WIRG’s solutions and technology in the retail and property sectors, which are key focus areas for SM Group.
WIR Asia has the potential to offer innovative digital solutions to help SM Group expand its presence in the wider Filipino market.
