Friday, September 22, 2023

Indonesian metaverse, satellite companies firm up investment plans in PH

At the sidelines of the 43rd Asean Summit in Jakarta on Tuesday, Sept. 5, Department of Trade and Industry (DTI) secretary Fred Pascual revealed that two Indonesian technology companies — PT WIR Asia Tbk and PT Pasifik Satelit Nusantara (PSN) – will be investing heavily in the Philippines in the next few years.

Pascual said PT WIR Asia Tbk and its subsidiaries plan to invest $20 million in the next five 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 in Indonesia.

To enhance the supply of satellites in the Philippines, particularly, broadband technology and connectivity, the Philippine delegation also met with PT Pasifik Satellite Nusantara.

The company reported the progress of their project in the Philippines and the launching of their satellite in December 2023.

In 2022, PT Pasifik Satellite Nusantara signed a Memorandum of Understanding (MOU) with the Philippine government for a $350-million investment value and an allocation of 13.5 Gbps of bandwidth for the country from a new satellite that PSN is scheduled to launch within the year.

Through this development, the said company also expressed its intentions to develop a bigger market for both the government and consumers in the Philippines.

“Through your committed investments in the country, we see you as our valuable partner in pursuing robust economic growth and expansion. We look forward to our strategic collaboration and partnership in creating a sustainable and innovative future for the region,” Pascual added.


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